Elon Musk’s recent increase in political activity coincides with further troubles for his struggling car company. Shares of the billionaire’s Tesla Inc. fell after the company experienced its first annual decline in deliveries this week, causing it to miss multiple quarterly delivery goals in 2024.
There seems to be a drop in demand for Musk’s product—Tesla registrations across Europe dropped 24 percent in October. Slashed European subsidies and more electronic vehicle competition from the United States and Chinese developer BYD may have also contributed to the uninspiring quarterly earnings, The Guardian reported Thursday.
But Musk’s close relationship with President-elect Donald Trump has Tesla investors remaining hopeful. The richest man on earth donated millions of dollars to Trump’s campaign and, in return, may be the beneficiary of Trump ending the Biden-era tax credit for E.V. buyers. That may cause E.V. companies who aren’t leading the domestic market like Tesla to fall back, making more room for Musk to reap the benefits.
Musk will have much to think about as he attempts to balance co-leading DOGE and interfering in European politics with being the CEO of a major E.V. company.
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