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| Tesla sales unexpectedly plunge after Elon Musk backlash | |
| (32 minutes later) | |
| The Tesla logo is seen on a car at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 27, 2024. REUTERS/Sarah Meyssonnier/File Photo | The Tesla logo is seen on a car at the Paris Games Week (PGW), a trade fair for video games in Paris, France, October 27, 2024. REUTERS/Sarah Meyssonnier/File Photo |
| Tesla's sales have plummeted to their lowest level in three years in a surprise drop after a backlash against its boss Elon Musk. | |
| The electric car maker delivered almost 337,000 electric vehicles in the first three months of this year, a 13% drop from a year ago. | The electric car maker delivered almost 337,000 electric vehicles in the first three months of this year, a 13% drop from a year ago. |
| Shares of Tesla tumbled after the release of the unexpectedly low sales numbers. | Shares of Tesla tumbled after the release of the unexpectedly low sales numbers. |
| The cars face steepened competition from Chinese firm BYD, but experts believe Musk's controversial role in the Trump administration have had an effect too. | |
| The firm has blamed the drop on the transition to a new version of its most popular car. | |
| However, there have been protests and boycotts around the world at Mr Musk's outspoken and controversial political involvement. | |
| Mr Musk has been heading up President Donald Trump's Department of Government Efficiency (DOGE) initiative to cut federal spending and slash the government workforce. | |
| The Tesla boss is the world's richest man and contributed more than a quarter of a billion dollars to help Trump get elected in November. | The Tesla boss is the world's richest man and contributed more than a quarter of a billion dollars to help Trump get elected in November. |
| In recent weeks, Mr Musk poured millions into a Wisconsin Supreme Court race, supporting former Republican attorney general Brad Schimel who was soundly defeated on Tuesday. | |
| The backlash against Mr Musk has included "Tesla Takedown" protests at Tesla dealerships across the US and in Europe. | |
| Tesla vehicles have also been vandalised, and Trump has said his administration would charge people who deface Teslas with "domestic terrorism." | |
| Musk's stewardship of his businesses, including Tesla, has been called into question. | |
| In an recent interview, he admitted he was running his enterprises "with great difficulty," adding "Frankly, I can't believe I'm here doing this." | |
| Shares of Tesla have lost more than a third of their value over the last year. | |
| "We are not going to look at these numbers with rose colored glasses... they were a disaster on every metric," Wedbush analyst Dan Ives said in a note on Wednesday. | "We are not going to look at these numbers with rose colored glasses... they were a disaster on every metric," Wedbush analyst Dan Ives said in a note on Wednesday. |
| "The more political [Musk] gets with DOGE the more the brand suffers, there is no debate." | "The more political [Musk] gets with DOGE the more the brand suffers, there is no debate." |