Tesla gains after report says Musk will leave role as governing partner

** Shares of electric automaker Tesla TSLA.O reverse course, rise 4% to $279.38

** U.S. President Donald Trump has told his inner circle, including members of his Cabinet, that Tesla CEO Elon Musk will be stepping back in the coming weeks from his current role as governing partner, Politico reports

** Trump remains pleased with Musk and his Department of Government Efficiency initiative, the report says, citing three Trump insiders who were granted anonymity to describe the evolving relationship

** But both men have decided in recent days that it will soon be time for Musk to return to his businesses and take on a supporting role, the report says

** Earlier on Wednesday, Tesla reported deliveries of 336,681 vehicles in Q1; analysts estimated deliveries of 372,410 vehicles, according to an average estimate of 15 analysts from Visible Alpha, who lowered their forecasts in the past 30 days

** Tesla's deliveries down 13% in Q1 vs a drop of 8.5% in Q1 last year

** The company handed over 323,800 Model 3 and Model Y vehicles in Q1 vs 369,783 units in the same period, a year earlier

** Tesla's sales in key European markets fell again in March, data showed on Tuesday

** Its sales of China-made vehicles fell 11.5% in March from a year earlier, according to data from the China Passenger Car Association

** Up to last close, stock had fallen ~33.5% this year