Tesla’s stock price has fallen by 42 percent this year amid widespread protests, vandalism, and arson at Tesla facilities and charging stations nationwide.
Consumer interest in new Tesla models dropped to its lowest point in two years, while trade-ins of recent Tesla vehicles reached record highs, according to recent data from car shopping website Edmunds provided to The Epoch Times.
In February, consumer interest in new Tesla vehicles fell to 1.8 percent, marking the lowest level since October 2022.
The report noted this is a significant drop from the 2024 peak of 3.3 percent recorded in November. Edmunds defines consumer interest as website visitors engaging with vehicle photos, reviews, inventory listings, or submitting inquiries to dealerships.
The declining interest is notable even among shoppers who initially consider other brands. Edmunds reported a decrease in “reverse cross-shopping,” a metric reflecting consumers who start their search with competitors but eventually consider Tesla.
The Model Y experienced significant declines, particularly from shoppers initially considering rivals such as the Ford Mach-E, Kia EV6, Kia EV9, and Hyundai IONIQ 5.
Cross-shopping between Tesla models also fell. Model 3 shoppers who considered the Model Y dropped to 23.7 percent in February, down from 30.8 percent a year earlier, hinting at reduced enthusiasm among previously loyal Tesla customers.
Jessica Caldwell, head of insights at Edmunds, attributed Tesla’s declining appeal to multiple factors, including Tesla CEO Elon Musk’s heightened visibility within the federal government, depreciation concerns, and increased market saturation.
“Brand loyalty is becoming a bigger question mark,” Caldwell said. “With more Teslas on the road than ever, the brand’s initial street cred may be eroding for some early adopters who once prized its vehicles as a status symbol.”
Tesla’s stock price has fallen by 42 percent this year amid widespread protests, vandalism, and arson at Tesla facilities and charging stations nationwide due to blowback from his work in the Trump administration, according to Reuters. Attorney General Pamela Bondi announced charges on March 20 against three of the attackers and called the attacks against the Tesla brand domestic terrorism.
Despite decreased interest in new vehicles, Edmunds found no significant changes in the used Tesla market. Prices for used Teslas remained consistent with other electric vehicle (EV) models.
By Chase Smith
