New Delhi, April 23 -- Tesla share price leapt nearly 8% on Wednesday after the EV-maker reported better-than-expected profit for its core auto business. CEO Elon Musk said he would step back from his involvement in the Trump administration to focus on running his numerous companies.

Elon Musk vowed to pull back "significantly" from his work with the US government and pay more mind to Tesla Inc., assuaging investors concerned about the carmaker's worst quarter in years.

The chief executive officer will devote "far more" of his time to Tesla starting next month, saying during an earnings call Tuesday that his work establishing the so-called Department of Government Efficiency will be "mostly done."

Tesla's stock climbed 3.8% at 9:36 a.m...