With its share price down more than 30% over the past month, there doesn’t appear to be an end to the pain in sight for Tesla, with sales of the brand’s EVs tanking across the world, including in Australia.
Sales for the month of February were down a whopping 71.9% compared to the same month last year, selling just 1,592 units during the month compared to 5,665 the year before.
It’s the continuation of a severe drop in sales observed from the beginning of the year – over the last 8 weeks, sales have fallen 66% compared to the previous corresponding period.
The EV manufacturer is facing similar challenges in Europe, with sales for February dropping 50% in Norway, 42% in Sweden, and 48% in Denmark, the EV powerhouses of the world.
Just a supply issue?
While some supporters insist the lack of sales is due to restricted inventory levels and the imminent release of the refreshed Model Y, it seems obvious Elon Musk’s recent political forays have had an effect on the brand.
There have been a flurry of protests, vandalism and boycotts over the weeks following Musk’s movements within the US administration, as well as his participation in far-right political movements both in the US and abroad.
CNN reports there have been more than 50 protests at Tesla dealerships over the previous weekend, while in Canada more than 300,000 people have signed a petition calling for Musk’s citizenship to be rescinded.
According to Electrek, Tesla’s chair recently sold US$33 million in Tesla stock, having sold US$43 million last month.
The EV-focused publication reports that Musk’s brother, Kimball Musk and Tesla chief financial officer Taneja Vaibhav have also recently sold Tesla stock.