New data from Edmunds, the national automotive shopping website, Tesla owners are trading electric vehicles at record speeds as Tesla shares continue to collapse and their dealers are on the protests.
In the first two weeks of March, “it accounted for 1.4% of Model 2017 Tesla vehicles or new vehicles,” Reuters reported, citing data from Edmunds. This represents a 0.2% increase from Tesla trade since the previous month, according to data. “The multi-trade-in so far will be monthly stocks in Tesla merchants’ record for new or second-hand purchases at dealers, as Edmunds continues to trend,” Reuters said.
These numbers have not worked for companies that have suffered the embarrassing setbacks over the past few months. Safety regulators recalled more than 46,000 Cybertooks on Thursday. This is the eighth recall since the vehicle began selling more than a year ago. The company’s stock has been slipping quite steadily since the end of December, raising concerns among shareholders and employees.
Musk attempted to calm these nerves internally, telling employees at Thursday’s convention to stick to the stock despite the value of the sinking.
“When I read the news, it feels like Armageddon,” Musk said in a live stream with his employees. “It’s like Tesla can’t pass the TV without setting it on fire. What’s wrong?”
It’s hard to see how Tesla’s misery is tied to the public’s misery against the accidental shaking of federal officials at Musk. But Tesla’s owners and facilities certainly have the brunt of the billionaire unpopular Americans. All over the country, Tesla vehicles and charging stations have been destroyed, and its dealers face protests from angry crowds.
Meanwhile, Republicans mobilized to protect Musk’s interests. President Donald Trump hosted a strange event to promote Tesla cars on the South Lawn of the White House. Commerce Secretary Howard Lutnick urged Fox News viewers to buy shares in the company. This appears to backfire immediately and may open Lutonic to Congressional ethical investigations. And on Thursday, Attorney General Pam Bondy released criminal charges against three people accused of “violent destruction of Tesla’s property,” which appears to be an unrelated incident.
“Let’s make this a warning. If you take part in this wave of domestic terrorism against Tesla’s property, the Department of Justice will put you behind the bar,” Bondy said in a statement.
