Elon Musk’s participation with the Trump administration has done significant backlash, Tesla’s owners have traded their electric vehicles at unprecedented rates. According to Edmonds, March saw the most part of Tesla Trade-ins, with owners to select new or used cars from other brands. This bounce in trade-inss comes in the form of musk, which is the CEO of Tesla, as part of the government’s efficiency department (DOGE), plays an important role in reducing the federal workforce and government spending.
Before handling Dogi’s leadership, Musk spent $ 290 million enough to support President Donald Trump’s re -election bid. However, investors who initially started Tesla’s shares after Trump’s victory have been sold since then the stock price has declined by 42% this year.
The backlash against Musk and Tesla has been intense, with protests targeting the entire US and beyond Tesla features. Burbability and arson have also been reported, in which Tesla stores, vehicles and charging stations are being targeted. In addition, Tesla is facing growing competition from other electric vehicles (EV) manufacturers, Ford, Chevrolet, and Volkswagen have won the market.
“The change in Tesla consumer spirit can create an opportunity for heritage vehicle manufacturers and EV startups,” Jessica Caldwell told NBC, head of insights at Edmonds. Caldwell noted that as Tesla’s brand Loyalty and Interest Wayne, other manufacturers offer competitive pricing, new technology, or simply fewer disputes, which can make Tesla owners and EV buyers faulty for the first time.
The Tesla brand is unwavering attached to Kasturi, with Admonds’ surveys show that only 2% of car shopkeepers in the US were unfamiliar with him in August 2024. However, Tesla’s brand was struggling before Musk started moving towards Dogi. According to the brand Finance, its brand price fell by 26%or about $ 15 billion in 2024, marking the second annual decline.
Admonds data shows that after the extreme in November, the purchase for the new Tesla model on its platform since October 2022 has come to its lowest level since October 2022 last month. While many car shopkeepers trade in their Tesla EVS for new models, Edmonds data is not responsible for these transactions.
