Those profits have also gone down; the only year they made lower-but-still-positive profit than 2025 ($3794m) was the first year since their founding in which they made any profit (which was 2020 and $721m).
Tesla's total profits over its entire existence ($37,883m [0]) is about as much as Musk has personally made by selling Tesla shares ($40bn ish [1]), but of that profit I can find $12.8bn can be attributed to government incentives[2] that have now largely or completely gone away.
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Those profits have also gone down; the only year they made lower-but-still-positive profit than 2025 ($3794m) was the first year since their founding in which they made any profit (which was 2020 and $721m).
Tesla's total profits over its entire existence ($37,883m [0]) is about as much as Musk has personally made by selling Tesla shares ($40bn ish [1]), but of that profit I can find $12.8bn can be attributed to government incentives[2] that have now largely or completely gone away.
[0] Net lifetime based on all the ups and downs of https://en.wikipedia.org/wiki/Tesla%2C_Inc.#Finances
[1] I assume some of this got rounded: https://markets.businessinsider.com/news/stocks/elon-musk-te...
[2] Between US federal ($11.4bn for just zero-emission vehicles standards) and local state incentives (and more, I didn't fully sum everything): https://www.washingtonpost.com/technology/interactive/2025/e...