From hero to zero? Elon Musk has lengthy had a loyal following, however the place the billionaire was as soon as hailed for his David versus Goliath assault on the established automotive order, many now fault the South African entrepreneur for his political flip to the far proper — and, specifically, his controversial function as head of the Trump administration’s Division of Authorities Effectivity, or DOGE.
In an uncommon transfer, Kia waded into the controversy this week — or reasonably, its Norwegian arm, which took a shot on the Tesla CEO in a snarky Instagram put up that featured a bumper sticker studying, “I purchased this after Elon went loopy,” on the again of the brand new Kia EV3.
It’s apparently a sentiment resonating with many patrons, as Tesla gross sales are plunging in markets from Berlin to Beijing — whereas a rising variety of present house owners are buying and selling in, even at a loss.
Tesla shops are dealing with protests, and in various cases, vandalism. A dozen EVs have been torched at a retailer in France, a storefront, and autos have been shot at within the Pacific Northwest, based on French information outlet La Dépêche.
This has prompted President Donald Trump to weigh in. He’s calling those that broken Tesla shops “home terrorists,” whereas claiming boycotts of the model are “unlawful.”
Trump has additionally mentioned he’ll purchase a Tesla as a “present of confidence and assist.”
Has Elon ‘Gone Loopy?’
In the event you spend a lot time on the street — or on social media — you’ve possible seen how sentiments have shifted on the subject of Musk and Tesla. Not all that way back, you possibly can discover whole sections of Apple Information and Reddit dedicated to the 53-year-old govt. However a lot of the protection has turned unfavorable these days.
That’s mirrored in bumper stickers declaring, “Ugh, I do know, one other Tesla,” and “I purchased this earlier than I knew Elon was loopy.”
Kia put its personal spin on an Instagram put up with a bumper sticker studying, “I Purchased This After Elon Went Loopy.” It adorned the again of a Kia EV3, the automaker’s new entry mannequin that might go up in opposition to the broadly rumored Tesla Mannequin 2 — about which Musk has repeatedly reversed place.
(The social media put up got here from Kia’s Norwegian subsidiary and was printed in each Norway and Finland. The South Korean automaker has since disavowed the Instagram put up, and it’s been taken down.)
Protests, Boycotts, Vandalism on the Rise
Whereas most of the bumper stickers and social media posts have a humorous facet, issues have been rising way more severe in latest weeks.
Protests have popped up at Tesla dealerships throughout the nation, in addition to in lots of overseas markets. A “Takedown Tesla” occasion in Chicago final weekend drew a whole bunch gathering outdoors a showroom within the modern Rush St. neighborhood.
Protestors carried indicators declaring, “Launch Musk to Mars,” and “Democracy Dies with DOGE,” based on the Chicago Tribune and different native media. There have been some Teslas broken close by the shop, these stories indicated. And that’s turning into a extra widespread incidence.
Prosecutors are investigating an arson, a fireplace in Toulouse, France, final week during which eight Teslas parked outdoors a showroom have been utterly destroyed and 4 others broken. 4 Cybertrucks have been burned at a storage facility utilized by a Seattle dealership.
And, in Loveland, Colo., police have leveled a wide range of expenses in opposition to a Lyons resident, Lucy Grey Nelson, whom they declare was concerned in a sequence of incidents at a neighborhood dealership. Nelson reportedly was ready to make use of Molotov cocktails, and a reporter for the Fort Collins Coloradan newspaper additionally noticed the constructing spray painted with the phrases “Nazi Automotive.”
That appeared to reference the Tesla CEO’s obvious use of the Nazi-style “Sieg Heil” salute throughout an occasion on January 20, 2025.
There have been stories of vandalism and violence at quite a few different Tesla showrooms within the U.S. and overseas, together with incidents the place showroom home windows and autos have been hit with gunfire.
Buying and selling In
In one more blow towards the electrical automaker, long-time Tesla proprietor and angel investor Joanne Wilson has mentioned she desires to eliminate her Mannequin S. However on this occasion, she might invite Musk’s critics to smash it with sledgehammers.
Wilson is much from the one one trying to get out of a Tesla. Singer Sheryl Crow bought off her Tesla, donating the money she obtained to Nationwide Public Radio. However most house owners want trade-in money to get one other set of wheels.
Invoice McGuire, a retired automotive engineer from Detroit, is one in all many Tesla house owners who’re buying and selling in. He describes his Mannequin 3 as “among the finest vehicles I’ve ever owned. However sufficient is sufficient,” he advised GearJunkie in a sequence of textual content messages. “I now not want to be related or recognized with a fascist, and I select that phrase rigorously.”
McGuire has now bought a Hyundai Elantra SE.
On the entire, EVs at the moment have decrease residual — or trade-in — values than comparable gasoline fashions, based on business information. However, monitoring website iSeeCars reported this week that the common value of a used Tesla is now all the way down to $30,000, about $10,000 lower than comparable EVs from different producers.
For the bestselling Mannequin Y, it famous, trade-ins are actually commanding about $6,000 lower than a 12 months in the past.
Musk Responds
With just a few exceptions, Musk has been comparatively quiet in regards to the opposition he and Tesla have confronted. However, he’s coming beneath increasingly more scrutiny from Wall Road as nervous buyers start to flee the inventory.
Shares traded on the NASDAQ alternate beneath the ticker TSLA closed at $230.58 on Tuesday, down from a 52-week excessive of $488.54 in mid-December when Musk and Tesla have been buoyed by a post-election excessive. The automaker’s market capitalization fell to $741.7 billion, lower than half what it was 3 months in the past.
UBS analysts lowered their value goal on Tesla to $225 from $259, and Baird from $440 to $370 in latest days. And a few bears see a full-on crash that might take it all the way down to beneath $100.
In a tweet on X, Musk mentioned the corporate “shall be positive long-term.” However, in an look on Fox Enterprise, he was extra downbeat, acknowledging that operating his companies — together with the likes of Tesla, SpaceX, and social media website X — is being carried out “with nice issue.”
Trump Weighs In
Even the President himself weighed in on the controversy, taking a stand on the rising calls to boycott Tesla merchandise.
“Elon Musk is ‘placing it on the road’ as a way to assist our Nation, and he’s doing a FANTASTIC JOB!” Trump mentioned in a put up on his Fact Social media website. ”However the Radical Left Lunatics, as they usually do, are attempting to illegally and collusively boycott Tesla, one of many World’s nice automakers, and Elon’s ‘child,’ as a way to assault and do hurt to Elon, and every little thing he stands for.”
The president amped the rhetoric up when it got here to the vandalism focusing on Tesla shops, nevertheless, declaring his intent to label such actions “home terrorism,” a transfer that might degree up potential legal penalties.
