The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. Still, Tesla investors have kept the faith in Musk. Elon Musk attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Thursday, Jan. 22, 2026. On a conference call, Musk said Tesla would be closing down production of two models, S and X, in the second quarter this year and converting a Fremont, California, factory to produce its Optimus robots. For the fourth quarter of last year, Tesla's net income also plunged, down 61% to $840 million, or 24 cents.