Stock price is down from December high. Elon Musk’s post-election honeymoon at Tesla appears to be over. But now the EV maker is struggling with declining global sales, tariff fears, and potential backlash to its CEO’s political views. In markets with high concentrations of EVs like Sweden and Norway, the indications were little better. New Tesla registrations were down 44 percent compared to last year in the former, and 38 percent in the latter, despite high demand for cars in both countries.
The sales, combined with the Trump White House tariff threats around the world, has some investors arguing Musk and Tesla are experiencing a Trump-lash. The company itself has acknowledged that the Trump administration’s trade policy, which could impose tariffs on key U.S. trading partners and manufacturers of industrial inputs, could harm Tesla. The company hasn’t introduced a brand new model since late 2023 when it began rolling out the Cybertruck, though it has suggested it could introduce a more affordable option at some point in 2025.
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