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Musk, Elon

Tesla Sales Plummet 13% Amid Backlash Against Musk's Politics

Strategic Insights

— 1 min read

Tesla, the electric vehicle (EV) giant owned by Elon Musk, has seen its sales fall 13% over the last three months. The drop in sales, from 443,956 in the same period last year to 384,122 between April and June, has been attributed to the backlash against Musk's increasingly vocal support for US President Donald Trump and far-right political figures in Europe. This backlash, which had earlier been expected to ease over time, is now putting pressure on Tesla's upcoming second quarter earnings report, due later this month. Despite this, the sales of the more affordable Models 3 and Y reached 373,728, beating Wall Street estimates and giving Tesla shares a 4% boost in premarket trading.

Key Takeaways:

  • Tesla's sales have fallen 13% over the last three months, from 443,956 in the same period last year to 384,122 between April and June.
  • The drop in sales has been attributed to the backlash against Musk's increasingly vocal support for US President Donald Trump and far-right political figures in Europe.
  • Despite this, the sales of the more affordable Models 3 and Y reached 373,728, beating Wall Street estimates of around 356,000.
  • Tesla's net income dropped by a sharp 71% in the first quarter, adding pressure to deliver more promising financials in the upcoming second quarter earnings report.
  • The backlash against Musk's politics is putting pressure on Tesla's financial performance, with concerns raised over the company's ability to meet expectations in the second quarter.
  • The sales of the more affordable Models 3 and Y gave Tesla shares a 4% boost in premarket trading.

Statistics:

  • Tesla's sales fell 13% over the last three months, from 443,956 in the same period last year to 384,122 between April and June.
  • The sales of the more affordable Models 3 and Y reached 373,728, beating Wall Street estimates of around 356,000.
  • Tesla's net income dropped by a sharp 71% in the first quarter.
  • Tesla sold 443,956 vehicles in the same period last year.
  • The company's net income dropped by 71% in the first quarter.
  • The sales of the more affordable Models 3 and Y gave Tesla shares a 4% boost in premarket trading.

Sources:

  • TOI Business Desk

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