I'll continue to advocate for lower tariffs rather than higher tariffs, but that's all I can do,” Musk said about Trump’s tariffs.

Tesla’s stock is rising as investors cheer Musk’s renewed focus on the company. But there are various challenges ahead, including tariffs, an evolving EV market and a history of delays on new products.

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