Tesla owners in the US are massively selling their electric cars: details
Kyiv • UNN
According to Edmunds, March was a record month for trading in Teslas for cars of other brands. Falling stocks, protests and increasing competition are influencing owners' decisions.
As Elon Musk completes his second month in the White House, Tesla owners in the US are trading in their electric vehicles at record levels, according to an analysis by the national car shopping site Edmunds, writes UNN with reference to NBC News.
Details
Edmunds data released on Thursday says March is the "highest share" ever for Tesla trade-ins for new or used cars at dealerships that sell other brands.
While investors snapped up Tesla shares after Trump's November victory, they have recently been rushing to exit them, leading to a 42% drop in the share price this year. Waves of protests have affected Tesla facilities in the US and abroad. Acts of vandalism and arson have targeted Tesla stores, vehicles and charging stations across the US.
In addition, Tesla faces increasing competition from electric vehicle manufacturers. In January, S&P Global Mobility found that Tesla sales fell by about 11% year-on-year in the US, while Ford, Chevrolet and Volkswagen increased electric vehicle sales, increasing market share.
"Changes in Tesla consumer sentiment could create an opportunity for traditional automakers and electric vehicle start-ups to strengthen their positions," Jessica Caldwell, head of analytics at Edmunds, wrote in an email. "As Tesla's brand loyalty and interest fluctuate, those who offer competitive prices, new technologies or simply less controversy may attract Tesla owners who are leaving the company and those who are buying an electric vehicle for the first time."
Edmunds also said that purchases of new Tesla car models on its platform last month fell to their lowest level since October 2022, after peaking in November.
Addition
Even before Musk took over DOGE, the Tesla brand was suffering. The brand's value fell by 26%, or about $15 billion, in 2024, the second consecutive year-over-year decline, according to research and consulting firm Brand Finance.
Many car buyers are trading in their Tesla EVs for a newer Tesla model. Edmunds data did not take these transactions into account.
