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Tesla's vehicle deliveries fell 13% in the first quarter, dropping to 336,681 units from 386,810 a year earlier, amid backlash over CEO Elon Musk's political actions. Analysts describe the results as disastrous, highlighting significant declines in key markets like Europe, California, and China, despite increased incentives. Tesla shares dropped 6.1% following the news, although a new, more affordable model is expected later this year.
Tesla reported its lowest quarterly deliveries in over two years, with 336,681 units sold, as CEO Elon Musk's political involvement sparked backlash. Sales fell significantly in Europe and China, with European deliveries down 49% year-over-year, while competition from local brands in China intensified. Despite the challenges, Tesla hopes that the refreshed Model Y and potential new models will help revive sales.
Vivian Jenna Wilson, Elon Musk's estranged daughter, has controversially labeled Tesla a "Ponzi scheme" during a Twitch stream, citing its high P/E ratio compared to other car manufacturers. This statement has ignited debate, with critics arguing she provided no evidence to support her claim. Despite a significant drop in Tesla's stock, analysts remain divided on the company's future, with some expressing skepticism about a rebound.
Tesla's stock fell by as much as 6% amid concerns over President Trump's impending 25% tariffs on foreign autos, with CEO Elon Musk acknowledging the significant impact on the company. Analysts predict lower EV deliveries for the March quarter, with estimates ranging from 353,418 to 390,342 vehicles, as waning sentiment towards Musk and competition from Chinese EV makers like BYD weigh on sales. Additionally, protests against Musk and the anticipation of new models are contributing to short-term sales challenges.
Elon Musk has acknowledged that his role in the Trump Administration's Department of Government Efficiency (DOGE) is negatively impacting Tesla's stock price, which has dropped 48% since December. Protests against his government activities have emerged, coinciding with a 45% decline in Tesla sales in Europe and record trade-ins of older models. Analysts suggest that Musk needs to balance his commitments to both Tesla and DOGE to restore investor confidence.
Tesla is poised to report a decline in first-quarter deliveries, with estimates between 355,000 and 360,000, reflecting a 7% drop from last year. This downturn is attributed to consumer backlash against CEO Elon Musk, ongoing protests, and anticipation for updates to the Model Y. Additionally, new tariffs on foreign-made vehicles threaten to disrupt the auto industry, with Musk acknowledging the significant impact on Tesla.
Goldman Sachs anticipates that President Trump's impending tariffs will significantly increase inflation and unemployment while stunting economic growth, raising recession risks to 35%. The firm projects inflation to reach 3.5% by 2025 and expects the Federal Reserve to implement three rate cuts this year. With a potential tariff increase of 15 percentage points, the economic outlook suggests a return to stagflation reminiscent of the late 1970s and early '80s.
Protests against Elon Musk erupted at Tesla dealerships across the U.S. and Europe, fueled by opposition to his role in the Department of Government Efficiency (DOGE) and recent vandalism incidents targeting Tesla vehicles. Demonstrators, including disillusioned owners and public figures, aimed to raise awareness of perceived threats posed by Musk's influence and policies. While some protests remained peaceful, acts of vandalism have raised concerns, prompting investigations into potential links to the protests.
Protesters gathered outside a Tesla dealership in London, criticizing Elon Musk's actions and drawing comparisons to historical figures. Organized by disillusioned Tesla owners and public figures, the protests aimed to raise awareness of perceived issues, while some incidents of vandalism have been labeled as domestic terrorism. Despite these challenges, Musk remains optimistic about Tesla's future sales and growth.
Matthew Hiller, who creates anti-Musk bumper stickers, has seen his business, MadPufferStickers, soar to $100,000 in monthly sales, driven by Tesla owners wanting to distance themselves from Elon Musk's controversial actions. Following Musk's political endorsements, daily sales jumped from 300 to 500. Meanwhile, Tesla shareholders are divided on Musk's leadership, with some calling for a new CEO as the company's stock has dropped 24% this year.
Dan Ives
People
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