** Tesla TSLA.O rises 3.3% to $245.71 in extended trading
** Billionaire CEO Elon Musk says he will scale back his government role starting in May
** Musk expects his time allocation to the cost-cutting Department of Government Efficiency initiative to drop significantly
** There has been significant backlash against his increased government involvement as an adviser to U.S. President Donald Trump, with investors calling for him to manage TSLA more closely
** TSLA beat first-quarter total gross margin estimates, offsetting weak Q1 revenue that missed analysts' estimates as EV sales dropped
** Total Q1 gross margin of 16.3% vs analysts' average estimate of 15.82% - data compiled by LSEG
** Co reported Q1 revenue of $19.34 billion vs estimates of $21.11 billion
** TSLA says it will revisit 2025 guidance in its second-quarter update, due to "shifting global trade policy" and difficulty in measuring its impact on co's cost structure
** Analysts' average rating for TSLA is "hold"; their median PT is $302.50 - LSEG
** TSLA down ~41.1% YTD
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