Tesla’s electric car sales took a significant hit over the past three months, continuing to feel the effects of boycotts tied to Elon Musk’s political stances, which have kept some buyers away.
A 13% drop in global sales compared to the same period last year indicates that the damage to Tesla’s brand—stemming from Musk’s support of U.S. President Donald Trump and far-right European leaders—is more extensive and enduring than many investors anticipated. Tesla’s latest sales figures, released Wednesday, also raise concerns that its upcoming quarterly earnings report may fall short as competitors capitalize on Tesla’s vulnerability and gain market share.
Sales declined to 384,122 vehicles from April to June, down from 443,956 during the same months last year.
During this period, Musk officially stepped down from his role as a Trump administration cost-cutting advisor, sparking some hope for a sales recovery. Musk himself recently described Tesla’s sales as undergoing a “major rebound,” but the latest numbers tell a different story.
However, there were some positive signs: combined sales of the Model 3 and Model Y reached 373,728, surpassing Wall Street analysts’ expectations of 356,000. Following the report, Tesla’s shares climbed 5%.
