Tesla trade-ins reach record highs in the U.S

Tesla owners are trading in their electric vehicles at an all-time high, according to new data from the car shopping site Edmunds. This trend has been noted since CEO Elon Musk became involved with the Trump administration. The Edmunds report, released on Thursday, states that March saw the largest percentage of Tesla trade-ins towards vehicles from other brands. Musk has been busy in Washington, D.C., slashing federal jobs and cutting government spending since joining the White House in January. His controversial moves have faced multiple legal challenges. Despite a rally in Tesla shares after Trump's election victory in November, the stock has dropped by 42% this year. Tesla has also faced a wave of protests, vandalism, and arson targeting its facilities and products across the U.S. Meanwhile, competition in the electric vehicle market is increasing. Ford, Chevrolet, and Volkswagen have all seen a rise in sales, contributing to an 11% decline in Tesla sales year-over-year. Jessica Caldwell from Edmunds noted that shifting consumer sentiment could allow other automakers to gain market share. As interest in Tesla weakens, brands that offer competitive pricing or less controversy could attract former Tesla owners and new buyers. Tesla's brand image, strongly linked to Elon Musk, has been declining. According to Edmunds, interest in new Tesla models has dropped significantly, reaching its lowest level since late 2022. Tesla's brand value also fell by 26% in 2024. Although many customers trade in their Teslas for newer models, this data does not account for those transactions. Tesla has not yet commented on these developments.