Tesla\u2019s selloff on Wall Street intensified on Monday, with shares of the electric vehicle maker plunging 15%, their worst day on the market since September 2020.<\/p>\n
On Friday, Tesla wrapped up a seventh straight week of losses, its longest losing streak since debuting on the Nasdaq in 2010. The stock has fallen every week since CEO Elon Musk went to Washington, D.C., to take on a major role in the second Trump White House.<\/p>\n
Since peaking at $479.86 on Dec. 17, Tesla shares have lost over 50% of their value, wiping out over $800 billion in market cap. Monday marked the stock\u2019s seventh worst day on record.<\/p>\n
Tesla led a broader slump in U.S. equities, with the Nasdaq tumbling almost 4%, its steepest decline since 2022.<\/p>\n
The downdraft in Tesla\u2019s stock on Monday was tied to uncertainty surrounding President Donald Trump\u2019s plans on tariffs. Canada and Mexico are key markets for automotive suppliers, and increased tariffs, with the potential for a trade war, will likely impact production and lead to higher prices.<\/p>\n
Tesla is also dealing with brand erosion due to Musk\u2019s incendiary political rhetoric and his extensive work with the Trump administration, where he\u2019s leading up the so-called Department of Government Efficiency. Musk, the world\u2019s wealthiest person, has become the public face of the administration\u2019s effort to dramatically shrink the federal government\u2019s workforce, spending and capacity.<\/p>\n
Meanwhile, Musk has used his social network X to level accusations against judges whose decisions he didn\u2019t like and promoted false Kremlin talking points about Ukraine President Volodymyr Zelenskyy.<\/p>\n
Activists and former Musk fans have protested at Tesla facilities throughout the U.S., and Tesla vehicles and facilities have been the apparent targets of vandalism and arson attempts. Repeated arson attempts and instances of vandalism occurred at a Tesla store and service center in Loveland, Colorado, most recently on March 7, police told CNBC.<\/p>\n
Ben Kallo, an analyst at Baird, told CNBC\u2019s \u201cSquawk on the Street\u201d on Monday that recent reports of vandalism could hurt demand.<\/p>\n
\u201cWhen people\u2019s cars are in jeopardy of being keyed or set on fire out there, even people who support Musk or are indifferent Musk might think twice about buying a Tesla,\u201d Kallo said.<\/p>\n
Analysts at Bank of America\u2019s wrote in a report on Monday that Tesla new vehicle sales plummeted by about 50% in Europe in January from a year earlier, partly owing to growing distaste for the brand. The firm also noted that some prospective customers are waiting for the new version of the Model Y.<\/p>\n
Tesla\u2019s Model Y, which is a small SUV, remained the best-selling battery electric vehicle globally in January. It was followed by China\u2019s Geely Geome, which surpassed the Tesla Model 3 sedan for the month.<\/p>\n
Global sales of electric vehicles, including fully electric and plug-in hybrid models, increased 21% in January from a year ago, even as Tesla\u2019s sales declined. The growth was driven by demand in Europe, according to Bank of America.<\/p>\n
\u2014 CNBC\u2019s Jesse Pound contributed to this report.<\/em><\/p>\n<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Tesla\u2019s selloff on Wall Street intensified on Monday, with shares of the electric vehicle maker plunging…<\/p>\n","protected":false},"author":1,"featured_media":439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/posts\/438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/comments?post=438"}],"version-history":[{"count":0,"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/posts\/438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/media\/439"}],"wp:attachment":[{"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/media?parent=438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/categories?post=438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecapitalharbor.com\/index.php\/wp-json\/wp\/v2\/tags?post=438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}