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Tesla trade-ins have surged to 1.4% of all vehicles, up from 0.4% a year ago, amid growing backlash against Elon Musk's political involvement and concerns over brand loyalty. As sales decline in Europe and stock prices plummet, rival EVs like the BMW i4 and Hyundai Ioniq 5 are capitalizing on this shift in consumer sentiment.
Elon Musk urged Tesla employees to "hang on to your stock" during a companywide meeting, addressing concerns over a surge in vehicle trade-ins and vandalism at dealerships. Despite a 50% drop in shares over three months, Musk emphasized a bright future for Tesla, highlighting advancements in autonomous driving technology. Analysts noted the meeting was a crucial moment for reassuring both employees and investors amid growing brand loyalty challenges.
Tesla trade-ins are on track for a record high, with vehicles from model year 2017 or newer making up 1.4% of all trade-ins by mid-March, up from 0.4% last year. This surge is attributed to growing discontent among owners over Elon Musk's government involvement and brand loyalty concerns, potentially benefiting competitors. As used Tesla prices decline, consumer interest in new models has also dropped to its lowest since October 2022, indicating a shift in sentiment that could open doors for legacy automakers and new EV startups.
Protests against Elon Musk and Tesla have intensified, with demonstrators urging a boycott and calling for people to sell their Teslas and dump their stock. The "Tesla Takedown" movement, initiated by actor Alex Winter and academic Joan Donovan, has seen significant turnout across the U.S., coinciding with a wave of vandalism against Tesla properties. As Musk's influence faces scrutiny, concerns grow over the potential impact on Tesla's reputation and market share amid increasing competition in the EV sector.
Jaguar is undergoing a significant rebranding effort amid declining sales, with plans to launch a new all-electric grand tourer, the Type 00, in 2026. The brand, once a symbol of automotive excellence, has struggled to adapt to market shifts favoring SUVs and faces challenges in a crowded high-end EV market. Analysts express skepticism about Jaguar's ability to regain its former glory, citing the need for a clear and compelling strategy.
Jessica Caldwell
People
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