KEY TAKEAWAYS Even though Tesla shares are down this year on investor worries that CEO Elon Musk is too focused on the cost-cutting department DOGE, Wedbush stuck with its $550 price target and outperform call on the EV maker.

DOGE's attempt to trim jobs may be new for the federal workforce, but one expert said the strategy was ripped from the private sector’s playbook.

Over 150 protestors gathered outside the Tesla car dealership in Columbus to rally against Elon Musk and the Trump Administration’s Department of Government Efficiency.

Cuts to the new autonomous vehicle team will also reduce oversight on the industry as a whole, comprised of massive tech companies and their self-driving subsidiaries like Alphabet-owned Waymo , and Amazon's Zoox autonomous taxis. Both have also faced regulatory oversight from the NHTSA in recent years ranging from crash investigations to recalls.

Tesla's balance sheet strength, with more cash than debt, supports its ability to invest in growth opportunities. Read why TSLA stock is a Strong Buy.

NHTSA said in a statement emailed to the Detroit Free Press that under President Joe Biden, the agency grew 30% and remains larger than it had in previous administrations despite the cuts. Its workforce was about 800 before the job cuts and in 2023 reportedly had 675 employees.

One of Wall Street’s most bullish analysts thinks Tesla’s growth story is still intact and, despite a raft of negative headlines for CEO Elon Musk, upside “catalysts” remain.