Protesters across the US and internationally are taking aim at Elon Musk’s role in the Trump administration, dragging down Tesla’s brand image in the process. Dubbed “Tesla Takedown” and “Tesla Takeover,” coordinated protests were held outside Tesla showrooms from New York City to Boston, Austin, and several European locations.
The demonstrations came as hundreds of people chanted slogans like “Musk is stealing from you” and “Stop Musk’s Coup.” Organizers urged protesters to “Sell your Teslas, dump your stock, join the picket lines,” stating that hurting Tesla would help save lives and democracy.
A recent Quinnipiac poll found 53% of voters oppose Musk’s actions in the Trump administration. A more recent survey by the American EV Jobs Alliance showed Elon Musk receiving a 35% positive rating among EV drivers, with 42% giving him a negative rating. The CEO’s brand image is taking a hit, particularly among female respondents.
Tesla’s diminished popularity comes at a critical time for the electric vehicle industry, which faces federal tax credits potentially being cut under the Trump administration. This would make Tesla compete on equal grounds with foreign automakers and push sales lower for the entire EV industry.
Even Tesla employees fear Musk has damaged the company’s brand, as documented in a recent recording of a staff meeting obtained by the Washington Post. Senior managers indicated Tesla would be better off if Musk resigned.
Protests have already started to show their impact on Tesla’s performance, with January sales declining 63% in France and 38% in Norway, while Germany reported only 1,277 new Tesla vehicles registered in January, down nearly 60%. The situation is further complicated for the company, which has seen ongoing declines since early 2023.
Analysts warn that Musk’s entry into politics couldn’t come at a worse time.
Source: https://finance.yahoo.com/news/sell-your-teslas-dump-your-stock–tesla-protests-musks-tanking-popularity-hit-ev-maker-at-bad-time-193044438.html