A record number of Tesla Inc.
What Happened: Tesla cars from model year 2017 or newer accounted for 1.4% of all the vehicles traded in until March 15, a significant increase from 0.4% in March last year, reported Reuters.
Analysts at Edmunds predict that this share could grow through the second half of the month.
Activists across the U.S. have staged Tesla Takedown demonstrations over Musk's role in cuts to the federal workforce and cancellation of contracts that fund global humanitarian programs.
This has led to a surge in Tesla trade-ins, with social media posts showing Tesla owners giving up their vehicles in displays of anger toward Musk.
"Brand loyalty is becoming a bigger question mark as factors such as Elon Musk's increasing public involvement in government...leave some longtime owners feeling disconnected from the brand," said Jessica Caldwell, Edmunds' head of insights.
Anger against the brand has escalated to the point of Tesla vehicles being set on fire and damage to the company's showrooms and charging stations. Tesla's stock has nearly halved from its January peak.
Why It Matters: This surge in trade-ins comes amid a series of setbacks for Tesla. There has been a significant drop in Tesla sales in Europe, with some countries experiencing a decline of over 40%.
Furthermore, the company's Cybertruck is also struggling, with figures significantly below company projections. This was followed by a recall affecting 46,096 Cybertruck vehicles due to safety concerns.
Adding to the company's woes, insurance premiums for Tesla vehicles are at risk of an increase due to a surge in vandalism against the company's vehicles, fuelled by resentment towards Musk over his role with the Trump administration.
