Tag: electric vehicles
A Shrinking World Market For That Would-Be Trillionaire's Vehicles

A Shrinking World Market For That Would-Be Trillionaire's Vehicles

The Tesla board has offered to make Elon Musk the planet's first trillionaire if he meets certain milestones in rocketing the automaker to new glory.

Did Musk show true brilliance the first time around? Yes, he did. Tesla's stock price rose 700 percent in 2020, making it more valuable than Toyota, Volkswagen, General Motors and Ford combined.

But there's another question. Who is going to buy his Teslas now?

Musk has burned many a bridge since he built up the company to a world force. Tesla was once the great green energy hope, offering an elegant way to replace planet-warming fossil fuels with cleaner electric power. Recall that the Obama administration extended the company a $465 million federal loan because Teslas had made electric vehicles cool.

But then Musk spent over a quarter-billion dollars getting Donald Trump elected in 2024, angering his environmentalist consumers. As head of the Department of Government Efficiency, Musk gleefully went after environmental funding, including grants to universities and services tied to the National Oceanic and Atmospheric Administration.

Overnight, Teslas became uncool. Some Teslas were torched, showrooms attacked and even charging stations set on fire. Embarrassed Tesla owners put stickers on their vehicles with slogans like, "I bought this before we knew Elon was crazy."

(No excuse for the vandalism. Many Tesla owners had bought the EVs as a badge of environmental activism. In any case, harming private property to make a political point is criminal, whatever the motive.)

Tesla is on track to mark its second consecutive year of falling revenues here and elsewhere. European sales have fallen by 40% and more, reflecting Musk's ties to the much-disliked Trump.

In one of Tesla's biggest foreign markets, Germany, sales in the first seven months of this year crashed by more than 55%. Musk tried to insert himself into that country's election by endorsing the far-far right Alternative for Germany party as "the best hope for Germany." (Chancellor Olaf Scholz condemned his remarks as "disgusting.") Musk also provided an ugly visual by raising his arm in what looked like a Nazi salute. In this country, Teslas were painted with swastikas and the words "Nazi cars."

Meanwhile, Tesla no longer dominates the EV show in this country. Chevrolet's Equinox EV now competes with Tesla's Model Y. Cadillac's Optiq crossover has entered the EV market big time. And Ford is converting a Kentucky assembly plant to build affordable midsize electric pickups.

The Chinese EV maker, BYD Co., has just passed Tesla in European sales. BMW, Mercedes-Benz and Volkswagen are also showcasing their new models.

Tesla is hard at work trying to launch a robotaxi service. But so are other companies.

Because Musk has done so much for MAGA, it's possible that members of that EV-bashing movement might buy Teslas in a show of solidarity. But Musk is no longer one with the Great Leader.

He's had run-ins with Trump, most notably his bashing of the "One Big Beautiful Bill." Two obvious reasons for Musk's discontent: It ended subsidies to buy electric vehicles and slowed the expansion of charging stations. Consumers have until the end of this month to make use of the $7,500 new clean vehicle tax credit.

And so who is going to buy Musk's cars now? Probably not the defenders of all that Trump does and says. Not the environmentalists who despise Musk. Not the 280,000 federal workers his DOGE fired. Or their families. And not many of the EV shoppers who today have more choices.

Musk may have drawn warm applause from investors when he promised to devote "maniacal" attention to Tesla going forward. It's a good guess, however, that the audience of actual buyers was sitting on its hands.

Froma Harrop is an award winning journalist who covers politics, economics and culture. She has worked on the Reuters business desk, edited economics reports for The New York Times News Service and served on the Providence Journal editorial board.

Reprinted with permission from Creators.

Tesla Musk cybertruck

Tesla Admits Musk's Politics Behind 71% Revenue Crash

On automaker Tesla's first quarterly earnings call of 2025, the electric vehicle manufacturer made a stunning admission that public animus toward CEO Elon Musk has directly contributed to its abysmal profits.

The New York Times reported Tuesday that Tesla's first-quarter revenue was just $409 million, which is a 71 percent decrease from the $1.4 billion the company made in the first three months of 2024. And the company told investors on the call that the significant decrease in sales is partially due to "changing political sentiment" that "could have a meaningful impact on demand for our products in the near term" — an apparent reference to Musk.

Musk's public role in President Donald Trump's administration has resulted in widespread protests at Tesla dealerships across the country as part of the "Tesla Takedown" movement. That movement — launched by actor Alex Winter of the Bill & Ted franchise — has also caught on around the world, with protesters in Europe and Australia also demonstrating outside of Tesla dealerships in response to Musk's role in the Trump White House.

The electric vehicle company is also taking a beating as a result of Chinese competitors like BYD, which saw its sales jump by roughly 60 percent in the first three months of 2025. Additionally, established automakers like General Motors, Ford and BMW, along with newer companies like Rivian and Polestar have made a dent in Tesla's sales by rolling out competing vehicles that could be seen as more appealing to liberal and centrist buyers.

Musk has signaled that he intends to leave the Trump administration soon, after his Department of Government Efficiency (DOGE) — with Trump's blessing – has made deep cuts to multiple federal agencies and fired thousands of public workers. He indicated multiple times that he sought to cut Social Security to the tune of hundreds of billions of dollars, alleging without evidence that the agency was illegally giving money to undocumented immigrants and helping them register to vote (undocumented immigrants do not qualify for Social Security and voting while undocumented is already a felony crime).

But even if Musk walks away from his role in the Trump White House, Tesla investors may still be eager to oust him as the company's CEO. Last month, a longtime Tesla investor called for Musk to resign as CEO or be dismissed by the company's board.

"The company's reputation has just been destroyed by Elon Musk," investor Ross Gerber told Sky News in March. "Sales are plummeting so, yeah, it's a crisis. You literally can't sell the best product in the marketplace because the CEO is so divisive."

Reprinted with permission from Alternet.

Musk's Extremism Driving Tesla Finances Into 'A Disaster On Every Metric'

Musk's Extremism Driving Tesla Finances Into 'A Disaster On Every Metric'

Elon Musk, the world’s wealthiest man and a terrible parent, was handed another loss on Wednesday, after his electric vehicle company Tesla released its first quarter sales report. The news wasn’t good. The EV maker reported its lowest quarter sales since 2022, well below the modest predictions analysts had forecasted.

Tesla shares fluctuated, beginning Wednesday with a six percent drop, before rebounding, possibly due to talk that Musk would be leaving his Department of Government Efficiency. And even Tesla cheerleaders, like Wedbush Securities analyst Dan Ives, were having a hard time turning this lemon into lemonade, as he expressed on X.

Musk’s latest setback comes just a week after reports that Tesla’s sales in Europe had dropped 40 percent in February, even as Europe’s EV market was enjoying an upswing in sales. Tesla’s losses in Europe can be partly attributed to Musk’s full-throated support of Germany’s far-right, neo-Nazi-affiliated Alternative for Germany party.

“In addition to Elon Musk’s increasingly active role in politics and the increased competition it is facing within the EV market, the brand is phasing out the existing version of the Model Y—its best-selling vehicle,” Felipe Munoz, global analyst at Jato Dynamics told the Financial Times.

Tesla’s brand has taken hits on top of Musk’s embrace of right-wing extremism. Nearly all of Tesla’s Cybertrucks were recalled in March due to issues stemming from the glue used to hold the stainless steel facade detaching, creating possible dangerous road hazards.

While Tesla faces increased competition in the market, the biggest problem the company faces is Musk’s politics and personality. Musk and DOGE’s unconstitutional attack on government agencies has cost tens of thousands of Americans their jobs and threatened their economic security.

His damage control efforts have been pathetic, undermined by his continued attacks on democracy, such as his unsuccessful yet transparent attempt to buy the Wisconsin Supreme Court election.

The Trump administration has clearly been ordered to cravenly prop up the billionaire’s nosediving reputation. But promising to throw people in jail if they protest against Tesla, holding an informercial in front of the White House, and having the entire Trump administration hawk Tesla stock during their television appearances has clearly not been the recipe for success they hoped for.

And now, Musk’s toxicity has become so great that even Donald Trump’s most loyal parasites are trying to find the right way to distance the GOP leader from his top donor. Whether or not Trump and friends can quit Musk’s hundreds of billions of dollars remains to be seen.

Reprinted with permission from Daily Kos.

Musk's Infamy Is Sinking Tesla Sales - And Its Stock Price

Musk's Infamy Is Sinking Tesla Sales - And Its Stock Price

Stocks for the electric vehicle company Tesla just wrapped its worst month since 2022, and it’s all because of its certifiably insane CEO, Elon Musk.

In February, Tesla shares plummeted 28%, signaling their worst month since a 37% drop in December 2022. The stock fell by an additional 3% on Monday alone.

And after Trump announced he would enact his disastrous tariff policy, it could bottleneck Tesla’s manufacturing, fracturing it even more.

“We note that potential tariffs on Mexico and Canada pose significant risk to our [North American] production estimates and could create a supply shock similar to COVID,” Bank of America analyst John Murphy said to CNBC on Tuesday. He also highlighted that “sentiment on the brand [is] potentially souring.”

This comes after the six weeks of Musk meddling in the federal government via his so-called Department of Government Efficiency, which is gutting federal agencies, firing thousands of federal employees, and generally wreaking havoc on Americans.

In addition to Musk poisoning his brand’s supposed coolness, Bloomberg reported on Tuesday that the company’s sales in China have slowed by a staggering 49% in February compared with the previous year at that time.

“I don’t even want to drive it,” one Tesla owner told the Associated Press. “He’s destroying the brand with his politics.”

Tesla sales are dropping all across Europe. As Daily Kos’ Markos Moulitsas reported in January, the decline in Tesla sales has largely tracked with Musk’s entrance into politics last year.

Americans are angry over Musk’s hand in the government and have taken to protesting nationwide at Tesla dealerships or allegedly setting Tesla charging stations on fire. And those who were thinking about purchasing Teslas have gone on a “buyers strike,” while many of those who have already bought them are communicating their buyer's remorse with bumper stickers, such as one reading, “We bought this car before we knew.”

Meanwhile, Musk is seemingly enriching himself through the government. Earlier this month, he reportedly hid the State Department’s plan to pay out $400 million to Tesla for armored vehicles—a contract the administration says it’s abandoning after it came to light.

Americans are pissed at Musk’s corruption, and they are telling him in the only way he understands: money.

Reprinted with permission from Daily Kos.

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