Tesla claimed over a million Cybertruck reservations, yet nearly 2,400 are sitting unsold, totaling approximately $200 million in inventory. Despite initial enthusiasm, the reality has been sluggish sales and growing stockpiles. Reports indicate that Tesla has even halted trade-ins for the Cybertruck, signaling deeper issues with demand. (Source: Electrek)
Owners attempting to offload their Cybertrucks have faced challenges, with Tesla reportedly refusing to accept them as trade-ins. This move has left some owners considering legal avenues to return their vehicles. The disconnect between early hype and current market reception is stark. (Source: Jalopnik)
Protests Are Starting to Hit Where It Hurts
The “Tesla Takedown” movement has gained momentum, with over 200 protests targeting Tesla showrooms and facilities. Demonstrators express discontent with Elon Musk’s political affiliations and leadership roles, particularly his involvement with the Department of Government Efficiency (DOGE). These protests have ranged from peaceful demonstrations to acts of vandalism. (Source: Business Insider)
In a notable incident, a public art project in London invited participants to destroy a Tesla Model S with sledgehammers, symbolizing resistance against Musk’s influence and perceived wealth inequality. The event highlighted the depth of public frustration and the lengths to which critics are willing to go. (Source: The Guardian)
Recalls Just Made Things Worse
Compounding Tesla’s challenges, a recall of approximately 46,000 Cybertrucks was issued due to concerns that side panels could detach while driving. This safety issue has raised questions about the vehicle’s build quality and Tesla’s production standards. (Source: The Times)
Such recalls not only impact consumer confidence but also strain Tesla’s resources as they work to address the defects. The timing couldn’t be worse, as the company grapples with declining sales and increasing public scrutiny. (Source: AS USA)
Even Investors Are Losing Patience
Investor confidence in Tesla is waning, with the company’s stock value dropping significantly since the beginning of the year. Analysts attribute this decline to Musk’s polarizing political activities and the resulting brand damage. Some suggest that Musk should step back from his political roles to refocus on Tesla’s core business. (Source: Business Insider)
The combination of unsold inventory, public protests, and product recalls has created a perfect storm for Tesla. Addressing these issues promptly is crucial to restoring investor trust and stabilizing the company’s market position. (Source: The Guardian)