Tesla is in damage control mode as a mass exodus of customers and owners accelerates
Once a symbol of cutting-edge innovation, the EV giant is now at the centre of a global boycott, spurred by CEO Elon Musk's deepening ties to far-right political figures and controversial policy initiatives.
Musk's influence in the US government's Department of Government Efficiency (DOGE) has drawn fierce backlash. DOGE has overseen widespread federal layoffs and proposed cuts to Social Security.
Adding to the controversy, his widely criticised Nazi salute gesture has sent Tesla's brand into a nosedive.
Image via New Straits Times
Tesla's EV sales in key markets have plummeted, with a staggering 76% decline
It's not just prospective buyers steering clear; longtime Tesla owners are jumping ship, too.
According to online car inventory platform Edmunds, a record number of Tesla trade-ins occurred in March 2025. Models from 2017 and newer accounted for 1.4 percent of all vehicles traded in by mid-month — more than triple the 0.4 percent recorded last March.
That number is expected to climb as more data rolls in.
Image via New Straits Times / Reuters
Interest in buying a new Tesla is at its lowest point since 2022, with only 1.8% of car shoppers considering the brand, according to Edmunds
Just last November, that number was nearly double.
And for those looking to offload their Tesla, the resale market isn't helping.
Used Tesla prices have plummeted by 10% — a sharper decline than seen with other carmakers, according to Mashable.
