Mr. Musk’s involvement in right-wing politics contributed to a 13% drop in deliveries in the first quarter, including steep declines in E.V.-friendly places like Norway.

© David B. Torch for The New York Times

The executive, Jim Farley, said President Trump’s tariff and auto policies would raise costs and could force the automaker to cut jobs.

The electric car company run by Elon Musk is facing increasing competition, but investors have focused mostly on the prospects for Tesla’s self-driving technology.

States are using higher registration fees for electric cars to make up for declining fuel taxes, but some are punitive, environmentalists say. A federal tax could be coming.

Automakers and even some Republicans may fight to preserve funds, and environmental activists will likely sue, but some experts said that some changes may not survive legal challenges.

Hino Motors, a Toyota subsidiary, will plead guilty to conspiracy charges and pay penalties for deceiving regulators about its diesel engines, the E.P.A. said.

More car buyers are expected to eventually pick battery-powered cars and trucks as prices fall and technology improves, even if Biden-era incentives disappear.

Nippon Steel’s $14 billion takeover bid for the steelmaker appears doomed, with President Biden expected to reject it. Litigation and diplomatic turmoil could follow.

The electric-car company led by Elon Musk no longer has the market to itself. Investors are focusing on autonomous driving and other new technologies.

Sales of the company’s cars are flagging, but investors are focusing on the potential of autonomous driving and Mr. Musk’s ties to President-elect Donald J. Trump.