Tesla's first-quarter earnings report itself was a disaster, but Musk gave investors some much-needed good news on the conference call.

Tesla ( TSLA 4.71%) stock gained ground today in the lead-up to its first-quarter earnings results, which were published after the market closed. The electric vehicle (EV) leader's share price ended the day up 4.8% amid a 2.5% jump for the S&P 500 and a 2.7% gain for the Nasdaq Composite.

Tesla's stock price has unexpectedly shot up after the Q1 2025 earnings report. Although financial results declined, Musk’s announcement that he’ll be stepping back from the government to focus on Tesla likely contributed to the stock increase.