Bullish indicating open at $55-$60, IPO prices at $37
Investing.com-- Tesla Inc (NASDAQ:TSLA) facilities were hit with protests and vandalism across the U.S. and Europe amid growing public outrage over CEO Elon Musk’s influence in the Donald Trump administration, specifically the Department of Government Efficiency.
Several regional media reports from across the country showed protests erupting at Tesla showrooms in Portland, Chicago, and New York. Other reports showed several acts of vandalism directed at Tesla facilities and vehicles across the country.
Other media reports showed outrage against Musk and Tesla had spilled over into Europe, with acts of vandalism and protests being reported in Germany, France, and Portugal.
The outrage appears to be directed largely towards Musk’s involvement with DOGE, which has overseen mass firings and spending cuts across several federal agencies. Protestors were also seen sporting slogans aimed at President Donald Trump and Musk over their allegedly “fascist” rhetoric.
Tesla’s sales have come under pressure amid backlash against Musk, given that his electric vehicles are popular chiefly among liberals and the political left. This has added to the EV maker’s woes, as it also grapples with heightened competition in China and Europe from major competitors such as BYD (HK:1211) and SAIC Motor.
Tesla’s European sales slumped 45% in January, while rival sales rose, data showed last month.
The company is also in a transitionary period, as it moves to update an aging lineup of vehicles. Tesla had last month released a long-awaited update for its best-selling Model Y.
But it remains to be seen whether Musk’s increasing unpopularity will have a long-term impact on Tesla’s prospects. The company is attempting to diversify heavily away from its core EV business with forays into autonomous vehicles, artificial intelligence, and robotics- although these ventures are still in a nascent stage.