Tesla

byd-has-caught-up-with-tesla-in-the-global-ev-race-here’s-how.

BYD has caught up with Tesla in the global EV race. Here’s how.

“Tesla has partnered with Baidu [a Chinese search and AI group] but Baidu can’t disclose all the data points to Tesla,” Duo adds. “The real-world data is definitely more valuable.”

Home field advantage

While BYD might have home turf advantage when it comes to data collection and security, Wang’s late pivot to driverless functionality has created some risks for the group.

One is question marks over financial sustainability. Price wars among Chinese carmakers are putting margins and the industry’s balance sheet under strain as Beijing demands more action to protect suppliers in the world’s largest car market.

It has also opened up some rare gaps in BYD’s otherwise formidable vertical integration. Its market leadership has also enabled it to pressure suppliers for price cuts and extended payment terms, allowing it to rigorously control costs.

But according to Chris McNally, an analyst with US investment bank Evercore, the God’s Eye platform uses software and hardware partners, including Momenta, a Chinese group backed by General Motors in the US, and some chips from Nvidia.

BYD EVP next to car

BYD’s executive vice-president Stella Li said competition with Tesla in EVs and autonomous technology would accelerate innovation, ultimately making BYD a “better’” company.

Credit: Joel Saget/AFP/Getty Images

BYD’s executive vice-president Stella Li said competition with Tesla in EVs and autonomous technology would accelerate innovation, ultimately making BYD a “better’” company. Credit: Joel Saget/AFP/Getty Images

For years, the risks associated with reliance on US-made chips in particular have hovered over the Chinese car sector—plans for driverless systems could be held back at any moment by US export controls or sanctions.

“Given the geopolitical environment, no one will invest in a technology with such a high risk that they’re still relying on foreign technology,” says Raymond Tsang, an automotive technology expert with Bain in Shanghai.

However, these vulnerabilities might not persist. Analysts believe BYD will soon develop most of its driverless systems in house and increasingly swap out Nvidia chips for those made by Beijing-based Horizon Robotics. “This is the BYD way to drive costs down,” McNally says.

It would also be consistent with a broader shift towards self-reliance in key technologies, in response to Washington’s steadily increasing restrictions on technology exports to China.

Yuqian Ding, a veteran Beijing-based auto analyst with HSBC, says that while BYD has not talked about developing a robotaxi service, executives have made “very clear” their plans to develop in-house all the important software and hardware needed for autonomous vehicles.

Wang, the BYD boss, has also previously indicated to analysts that the company has all the tech and know-how to develop robots, in another potential long-term challenge to Musk.

“With more than 5 million scale per annum, they can do everything,” Ding says, adding: “That’s the ultimate goal . . . Their target is much closer to Tesla.”

In an interview with the Financial Times this year, BYD’s executive vice-president Stella Li said competition with Tesla in EVs and autonomous technology would accelerate innovation, ultimately making BYD a “better” company.

“In the future, if you are not producing an electric car, if you’re not introducing technology in intelligence and autonomous driving, you will be out,” she warned.

Additional reporting by Gloria Li in Hong Kong

Graphic illustration by Ian Bott and data visualisation by Ray Douglas

© 2025 The Financial Times Ltd. All rights reserved Not to be redistributed, copied, or modified in any way.

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GOP wants EV tax credit gone; it would be a disaster for Tesla

The Republican Party’s opposition to tax credits for electric vehicles has stepped up a notch. As its members in the US Senate add their input to the budget bill that came from their colleagues in the House of Representatives, among the changes they want to see is a faster eradication of the IRS clean vehicle tax credit. The tax credit provides up to $7,500 off the price of an EV as long as certain conditions are met, and the language from the House would have given it until the end of the year. Now, it might be gone by the end of September.

The looming passage of the bill appears to have reopened the rift between Tesla CEO Elon Musk and the Republican Party, which the billionaire funded to the tune of hundreds of millions of dollars in the last election. After a brief war of words earlier this month that was quickly smoothed over when Musk apologized to President Trump, it seems there’s the potential for strife again.

Yesterday, Musk once again took to his social media platform to denounce the budget bill, threatening to form a third political party should it pass and reposting content critical of the GOP spending plan.

The changes to the budget would be quite deleterious for Tesla. Although its sales have collapsed in Europe and are flagging in China, the US has remained something of a bulwark in terms of EV sales. Most of the EVs that Tesla offers for sale in the US are eligible for the $7,500 credit, which can be applied to the car’s price immediately at purchase, as long as the buyer meets the income cap. That means all these cars will become significantly more expensive on October 1, should the bill pass.

GOP wants EV tax credit gone; it would be a disaster for Tesla Read More »

how-tesla-takedown-got-its-start

How Tesla Takedown got its start


America’s most vulnerable Billionaire?

It’s an unlikely coalition that’s been hyping Tesla’s stock slide since its launch.

On a sunny April afternoon in Seattle, around 40 activists gathered at the Pine Box, a beer and pizza bar in the sometimes scruffy Capitol Hill neighborhood. The group had reserved a side room attached to the outside patio; before remarks began, attendees flowed in and out, enjoying the warm day. Someone set up a sound system. Then the activists settled in, straining their ears as the streamed call crackled through less-than-perfect speakers.

In more than a decade of climate organizing, it was the first time Emily Johnston, one of the group’s leaders, had attended a happy hour to listen to a company’s quarterly earnings call. Also the first time a local TV station showed up to cover such a happy hour. “This whole campaign has been just a magnet for attention,” she says.

The group, officially called the Troublemakers, was rewarded right away. TeslaCEO Elon Musk started the investors’ call for the first quarter of 2025 with a sideways acknowledgement of exactly the work the group had been doing for the past two months. He called out the nationwide backlash to the so-called Department of Government Efficiency, or DOGE, an effort to cut government spending staffed by young tech enthusiasts and Musk company alumni, named—with typical Muskian Internet-brained flourish—for an early 2010s meme.

“Now, the protests you’ll see out there, they’re very organized, they’re paid for,” Musk told listeners. For weeks, thousands of people—including the Troublemakers—had camped outside Tesla showrooms, service centers, and charging stations. Musk suggested that not only were they paid for their time, they were only interested in his work because they had once received “wasteful largesse” from the federal government. Musk had presented the theory and sharpened it on his social media platform X for weeks. Now, he argued, the protesters were off the dole—and furious.

Musk offered no proof of his assertions; to a person, every protester who spoke to WIRED insisted that they are not being paid and are exactly what they appear to be: people who are angry at Elon Musk. They call their movement the “Tesla Takedown.”

Before Musk got on the call to speak to investors, Tesla, which arguably kicked off a now multitrillion-dollar effort to transition global autos to electricity, had presented them with one of the company’s worst quarterly financial reports in years. Net income was down 71 percent year over year; revenue fell more than $2 billion short of Wall Street’s expectations.

Now, in Seattle, just the first few minutes of Musk’s remarks left the partygoers, many veterans of the climate movement, giddy. Someone close to the staticky speakers repeated the best parts to the small crowd: “I think starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said. Under a spinning disco ball, people whooped and clapped. Someone held up a snapshot of Tesla’s stock performance over the past year, a jagged but falling black line.

“If you ever wanted to know that protest matters, here’s your proof,” Johnston recalled weeks later.

The Tesla Takedown, an effort to hit back at Musk and his wealth where it hurts, seems to have appeared at just the right time. Tesla skeptics have argued for years that the company, which has the highest market capitalization of any automaker, is overvalued. They contend that the company’s CEO has been able to distract from flawed fundamentals—an aging vehicle lineup, a Cybertruck sales flop, the much-delayed introduction of self-driving technology—with bluster and showmanship.

Musk’s interest in politics, which kicked into a new and more expensive gear when he went all in for Donald Trump during the 2024 election, was always going to invite more scrutiny for his business empire. But the grassroots movement, which began as a post on Bluesky, has become a boisterous, ragtag, and visible locus of, sorry to use the word, resistance against Musk and Trump. It’s hard to pin market moves on any one thing, but Tesla’s stock price is down some 33 percent since its end-of-2024 high.

Tesla Takedown points to a uniquely screwed-up moment in American politics. Down is up; up is down. A man who made a fortune sounding the alarm about the evils of the fossil fuel industry joined with it to spend hundreds of millions in support of a right-wing presidential candidate and became embedded in an administration with a slash-and-burn approach to environmental regulation. (This isn’t good for electric cars.) The same guy, once extolled as the real-life Tony Stark—he made a cameo in Iron Man 2!—has become for some a real-life comic book villain, his skulduggery enough to bring together a coalition of climate activists, freaked-out and laid-off federal workers, immigrant rights champions, union groups, PhDs deeply concerned about the future of American science, Ukraine partisans, liberal retirees sick of watching cable news, progressive parents hoping to show their kids how to stick up for their values, LGBTQ+ rights advocates, despondent veterans, and car and tech nerds who have been crying foul on Musk’s fantastical technology claims for years now.

To meet the moment, then, the Takedown uses a unique form of protest logic: Boycott and protest the electric car company not because the movement disagrees with its logic or mission—quite the opposite, even!—but because it might be the only way to materially affect the unelected, un-beholden-to-the-public guy at its head. And then hope the oft-irrational stock market catches on.

So for weeks, across cities like New York; Berkeley and Palo Alto, California; Meridian, Idaho; Ann Arbor, Michigan; Raleigh, North Carolina; South Salt Lake, Utah; and Austin, Texas, the thousands of people who make up the Takedown movement have been stationed outside of Tesla showrooms, making it a little bit uncomfortable to test drive one of Musk’s electric rides, or even just drive past in one.

Change in the air

When Shua Sanchez graduated from college in 2013, there was about a week, he remembers, when he was convinced that the most important thing he could do was work for Tesla. He had a degree in physics; he knew all about climate change and what was at stake. He felt called to causes, had been protesting since George W. Bush invaded Iraq when he was in middle school. Maybe his life’s work would be helping the world’s premier electric carmaker convince drivers that there was a cleaner and more beautiful life after fossil fuel.

In the end, though, Sanchez opted for a doctorate program focusing on the quantum properties of super-conducting and magnetic materials. (“I shoot frozen magnets with lasers all day,” he jokes.) So he felt thankful for his choice a few years later when he read media reports about Tesla’s efforts to tamp down unionizing efforts at its factories. He felt more thankful when, in 2017, Musk signed on to two of Trump’s presidential advisory councils. (The CEO publicly departed them months later, after the administration pulled out of the Paris climate agreement.) Even more thankful in 2022, when Musk acquired Twitter with the near-express purpose of opening it up to extreme right-wing speech. More thankful still by the summer of 2024, after Musk officially endorsed Trump’s presidential bid.

By the time Musk appeared onstage at a rally following Trump’s inauguration in January 2025 and threw out what appeared to be a Nazi salute—Musk has denied that was what it was—Sanchez, now in a postdoctorate fellowship at the Massachusetts Institute of Technology, was ready to do something about it besides not taking a job at Tesla. A few days later, as reports of DOGE’s work began to leak out of Washington, a friend sent him a February 8 Bluesky post from a Boston-based disinformation scholar named Joan Donovan.

“If Musk thinks he can speed run through DC downloading personal data, we can certainly bang some pots and pans on the sidewalks in front of Tesla dealerships,” Donovan posted on the platform, already an online refuge for those looking for an alternative to Musk’s X. “Bring your friends and make a little noise. Organize locally, act globally.” She added a link to a list of Tesla locations, and a GIF of the Swedish Chef playing the drums on some vegetables with wooden spoons. Crucially, she appended the hashtag #TeslaTakeover. Later, the Internet would coalesce around a different rallying cry: #TeslaTakedown.

Baltimore-area residents protest the Trump administration and Tesla CEO Elon Musk at a Tesla car dealership as part of a boycott of Tesla vehicles. Saturday, March 29, 2025.

Credit: Dominic Gwinn/Getty

Baltimore-area residents protest the Trump administration and Tesla CEO Elon Musk at a Tesla car dealership as part of a boycott of Tesla vehicles. Saturday, March 29, 2025. Credit: Dominic Gwinn/Getty

The post did not go viral. To date, it has only 175 likes. But it did catch the attention of actor and filmmaker Alex Winter. Winter shot to prominence in 1989’s Bill & Ted’s Excellent Adventure—he was Bill—and has more recently produced multiple documentaries focusing on online culture, piracy, and the power of social media. He and Donovan had bonded a few years earlier over activism and punk rock, and the actor, who has a larger social media following, asked the scholar if he could create a website to centralize the burgeoning movement. “I do think we’re at a point where people need to stick their necks up out of the foxhole en masse, or we’re simply not going to get through,” he tells WIRED. In the website’s first 12 hours of existence, he says, thousands of people registered to take part in the Takedown.

Donovan’s Bluesky post brought Sanchez to the Boston Back Bay Tesla showroom on Boylston Street the next Saturday, where 30 people had gathered with signs. For Sanchez, the whole thing felt personal. “Elon Musk started a PhD at Stanford in my field. He quit after two days and then went and became a tech bro, but he presents that he’s one of us,” he says. With Musk’s new visibility—and plans to slash government research dollars while promoting right-wing ideology—Sanchez was ready to push back.

Sanchez has been outside the showroom during weekly protests throughout the Boston winter, megaphone in hand, leading chants: “It ain’t fun. It ain’t funny. Elon Musk is stealing your money.” “We don’t want your Nazi cars. Take a one-way trip to Mars.”

“We make it fun, so a lot of people come back,” Sanchez says. Someone slapped Musk’s face on one of the inflatable tube guys you often see outside of car dealerships; he whipped around at several protests. A popular bubble-themed routine—“Tesla is a bubble”—saw protesters toss around a giant, transparent ball as others blew bubbles around it. Then the ball popped, loudly, during a protest—a sign? At some of Boston’s biggest actions, hundreds of people have shown up to demonstrate against Tesla, Musk, and Trump, Sanchez says.

Donovan envisioned the protests as potent visible responses to Musk’s slashing of government programs and jobs. But she also knew that social movements are a critical release valve in times of upheaval. “People need to relieve the pressure that they feel when the government is not doing the right thing,” she tells WIRED. “If you let that pressure build up too much, obviously it can turn very dangerous.”

In some ways, she’s right. In at least four incidents across four states, people have been charged by the federal government with various crimes including defacing, shooting at, throwing Molotov cocktails toward, and setting fire to Tesla showrooms and charging stations. In a move that has worried civil liberties experts, the Trump administration has treated these attacks against the president’s richest backer’s car company as “domestic terrorism,” granting federal authorities greater latitude and resources to track down alleged perpetrators and threatening them with up to 20 years in prison.

In posts on X and in public appearances, Musk and other federal officials have seemed to conflate the actions of a few allegedly violent people with the wider protests against Tesla, implying that both are funded by shadowy “generals.” “Firing bullets into showrooms and burning down cars is unacceptable,” Musk said at an event last month in which he appeared remotely on video, his face looming over the stage. “Those people will go to prison, and the people that funded them and organized them will also go to prison. Don’t worry.” He looked into the camera and pointed his finger at the audience. “We’re coming for you.”

Tesla Takedown participants and leaders have repeatedly said that the movement is nonviolent. “Authoritarian regimes have a long history of equating peaceful protest with violence. The #TeslaTakedown movement has always been and will remain nonviolent,” Dallas volunteer Stephanie Frizzell wrote in an email. What violence has occurred at protests themselves seems limited to on-site spats that mostly target protesters.

Donovan herself skipped some protests after receiving death threats and hearing a rumor that she was on a government list targeting disinformation researchers. On X, prominent right-wing accounts harassed her and other Takedown leaders; she says people have contacted her colleagues to try to get her fired.

Then, on the afternoon of March 6, Boston University ecology professor Nathan Phillips was in his office on campus when he received a panicked message from his wife. She said that two people claiming to represent the FBI visited their home. “I was just stunned,” Phillips says. “We both had a feeling of disbelief, that this must be some kind of hoax or a joke or something like that.”

Phillips had attended a Tesla Takedown event weeks earlier, but he wasn’t sure whether the visit was related to the protests or his previous climate activism. So after sitting shocked in his office for an hour, he called his local FBI field office. Someone picked up and asked for his information, he remembers, and then asked why he was calling. Phillips explained what had happened. “They just abruptly hung up on me,” he says.

Phillips never had additional contact from the FBI, but he knows of at least five other climate activists who were visited by men claiming to be from the agency on March 6.

The FBI tells WIRED that it “cannot confirm or deny the allegations” that two agents visited Phillips’ home. Tesla did not respond to WIRED’s questions about the Tesla Takedown movement or Musk’s allegations of coordinated violence against the company.

After the incident, Phillips began searching online for mentions of his name, and he found posts on X from an account that also tagged Joan Donovan and FBI director Kash Patel.

Phillips says that the FBI visit has had the opposite of a chilling effect. “If anything, it’s further radicalized me,” he says. “People having my back and the expression of support makes me feel very confident that it was the right thing to do to speak out about this.”

Organizing for the first time

Mike had attended a few protests in the past but didn’t know how to organize one. He has a wife, three small kids, a house in the suburbs, and a health issue that can sometimes make it hard to think. So by his own admission, his first attempt in February was a mixed bag. It was the San Francisco Bay Area-based Department of Labor employee’s first day back in the office after the Trump administration, spurred by DOGE, had demanded all workers return full-time. He was horrified by the fast-moving job cuts, program changes, and straight-up animus he had already seen flow from the White House down to his small corner of the federal government.

“Attacks on federal workers are an attack on the Constitution,” Mike says. Maybe, he figured, if he could keep people from buying Teslas, that would hurt Elon Musk’s bottom line, and the CEO would lay off DOGE altogether.

Mike, who WIRED is referring to using a pseudonym because he fears retaliation, saw that a Tesla showroom was just a 20-minute walk from his office, and he hoped to convince some coworkers to convene there, a symbolic stand against DOGE and Musk. So he taped a few flyers on light poles. He didn’t have social media, but he posted on Reddit. “I was really worried,” he says, “about the Hatch Act,” a law that limits the political activities of federal employees.

In the end, three federal workers—the person sitting next to him at the office and a US Department of Veterans Affairs nurse they ran into on the street—posted up outside of the Tesla showroom on Van Ness Avenue in downtown San Francisco holding “Save Federal Workers” signs.

Then Mike discovered the #TeslaTakedown website that Alex Winter had built. (Because of a quirk in the sign-up process, the site was putatively operated for a time by the Seattle Troublemakers.) It turned out a bunch of other people had thought that Tesla showrooms were the right places to air their grievances with Trump, Musk, and DOGE. Mike posted his event there. Now the SF Save Federal Workers protest, which happens every Monday afternoon, draws 20 to 40 people.

Through the weekly convening, Mike has met volunteers from the Federal Unionists Network, who represent public unions; the San Francisco Labor Council, a local affiliate of the national AFL-CIO; and the East Bay chapter of the Democratic Socialists of America. As in any amicable custody arrangement, Mike’s group shares the strip of sidewalk outside of the San Francisco Tesla showroom with a local chapter of the progressive group Indivisible, which holds bigger protests on Saturdays. “I’m trying to build connections, meet other community groups,” Mike says. “My next step is broadening the coalition.”

About half of the people coordinating Takedown protests are like Mike, says Evan Sutton, who is part of the national team: They haven’t organized a protest before. “I’ve been in politics professionally for almost 20 years,” Sutton says. “It is genuinely the most grassroots thing that I’ve seen.”

Well into the spring, Tesla Takedown organizers nationwide had held hundreds of events across the US and even the globe, and the movement has gained a patina of professionalism. Tesla Takedown sends press releases to reporters. The movement has buy-in from Indivisible, a progressive network that dates back to the first Trump administration, with local chapters hosting their own protests. At least one Democratic congressional campaign has promoted a local #TeslaTakedown event.

Beyond the showrooms, Tesla sales are down by half in Europe compared to last year and have taken a hit in California, the US’s biggest EV market. Celebrities including Sheryl Crow and Jason Bateman have publicly ditched their Teslas. A Hawaii-based artist named Matthew Hiller started selling “I Bought This Before Elon Went Crazy” car decals in 2023; he estimates he has sold 70,000 anti-Musk and anti-Tesla stickers since then. (There was a “Space X-size explosion of sales after his infamous salute,” Hiller says.) In Seattle, the Troublemakers regularly hold “de-badging” events, where small handfuls of sheepish owners come by to have the T emblems drilled off their cars.

In Portland, Oregon, on a recent May Saturday, Ed Niedermeyer was once again sweating through his shark costume as he hopped along the sidewalk in front of the local Tesla showroom. His sign exhibited the DOGE meme, an alert Shiba Inu, with the caption “Heckin’ fascism.” (You’d get it if you spent too much time on the Internet in 2013.) Honks rang out. The shark tends to get a good reaction from drivers going by, he said. About 100 people had shown up to this Takedown protest, in front of a Tesla showroom that sits kitty-corner to a US Immigration and Customs Enforcement office.

Niedermeyer is a car writer and has spent a lot of time thinking about Elon Musk since 2015, when he discovered that Tesla wasn’t actually operating a battery swapping station like it said it did. Since then, he has written a book, Ludicrous: The Unvarnished Story of Tesla Motors, and documented many of what he claims to be Musk’s and the automaker’s half-truths on their way to the top.

Niedermeyer acknowledges that Musk and Tesla have proven difficult to touch, even by nationwide protests literally outside their doors.

Despite the Seattle cheers during Tesla’s last quarterly earnings call, the automaker’s stock price gained steam through the spring and rose on the news that its CEO would no longer officially work for the federal government. Musk has said investors should value Tesla not as a carmaker but as an AI and robotics company. At the end of this month, after years of delays, Tesla says it will launch a robotaxi service. According to Wall Street analysts’ research notes, they believe him.

Even a public fight with the president—one that devolved into name-calling on Musk’s and Trump’s respective social platforms—was not enough to pop the Tesla bubble.

“For me, watching Musk and watching our inability to stop him and create consequences for this snowballing hype and power has really reinforced that we need a stronger government to protect people from people like him,” says Niedermeyer.

Still, Tesla Takedown organizers take credit for the cracks in the Musk-Trump alliance—and say the protests will continue. The movement has also incorporated a more cerebral strategy, organizing local efforts to convince cities, states, and municipalities to divest from Musk’s companies. They already had a breakthrough in May, when Lehigh County, Pennsylvania, became the first US public pension fund to say it wouldn’t purchase new Tesla stocks for its managed investment accounts.

The movement’s goals may be lofty, but Niedermeyer argues that despite Tesla’s apparent resilience, Musk is still America’s most vulnerable billionaire. And sure, Musk, the CEO of an electric car company, the guy who made himself the figurehead for his automaker and fired his PR team to make sure it would stick, the one who alienated the electric car company’s customer base through a headlong plunge not only into political spending but the delicate mechanics of government itself—he did a lot of it on his own.

Now Niedermeyer, and everyone involved in Tesla Takedown, and probably everyone in the whole world, really, can only do what they can. So here he is, in a shark costume on the side of the road, maintaining the legally mandated distance from the car showroom behind him.

This story originally appeared on wired.com.

Photo of WIRED

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How Tesla Takedown got its start Read More »

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What would happen if Trump retaliated against Musk’s companies?

The reason that Biden did not terminate these contracts, as Trump asserts he might well have, is because SpaceX has generally provided space services to the US government at a lower cost and on a faster timeline than its competitors. Were the Trump administration to sever its relationship with SpaceX, it would effectively set the US space enterprise back a decade or more and give China’s ascendant space program clear supremacy on the world stage.

Tesla

Although Tesla has received federal contracts over the years, these have mostly been rather small, considering the company’s size—less than $42 million between 2008 and 2024. But federal subsidies are far more important to the carmaker. The IRS clean vehicle tax credit provides up to $7,500 off the purchase price of a new EV for many buyers, and all new leased Teslas are eligible for a $7,500 commercial clean vehicle tax credit. Other tax credits exist for solar and Powerwall customers.

Additionally, Tesla has benefited extensively from selling emissions credits to other automakers, although California’s “Zero Emissions Vehicles” program and the European Union are also sources of these credits in addition to the federal government.

If the Trump administration really wanted to hurt Musk’s companies, it might be more effective to do so through regulatory agencies rather than terminating contracts that, by and large, benefit the US government.

For example, the National Highway Traffic Safety Administration could put the screws to Tesla’s efforts to develop Full Self Driving and Autopilot features in its vehicles. And the Federal Aviation Administration could stall SpaceX’s ambitious Starship program and prevent further expansion of its launch facilities.

Regardless of what actions the Trump administration could take to harm Tesla, shares of the EV maker are suffering. As of this writing, the share price is down nearly 15 percent since the market opened.

With Trump’s willingness to use the vast power of the federal government for his own whims, there really is no end to the ways in which he could harm Musk. But some of these measures would also do some self-harm to the country. Would Trump care? Will there be a rapprochement? As Musk likes to say about Starship launches, “Excitement guaranteed.”

Ars automotive editor Jonathan Gitlin contributed to this report. This post was updated on June 5 to add comments from Musk about decommissioning the Dragon spacecraft.

What would happen if Trump retaliated against Musk’s companies? Read More »

elon-musk-counts-the-cost-of-his-four-month-blitz-through-us-government

Elon Musk counts the cost of his four-month blitz through US government


Term at DOGE did serious damage to his brands, only achieved a fraction of hoped-for savings.

Elon Musk wields a chainsaw at the Conservative Political Action Conference in February to illustrate his aim to cut government waste Credit: Jose Luis Magana/AP

Elon Musk’s four-month blitz through the US government briefly made him Washington’s most powerful businessman since the Gilded Age. But it has done little for his reputation or that of his companies.

Musk this week formally abandoned his role as the head of the so-called Department of Government Efficiency (Doge), which has failed to find even a fraction of the $2 trillion in savings he originally pledged.

On Thursday, Donald Trump lamented his departure but said Musk “will always be with us, helping all the way.”

Yet the billionaire will be left calculating the cost of his involvement with Trump and the meagre return on his $250 million investment in the US president’s election campaign.

“I appreciate the fact that Mr Musk put what was good for the country ahead of what was good for his own bottom line,” Tom Cole, the Republican chair of the House Appropriations Committee, told the Financial Times.

After Doge was announced, a majority of American voters believed Musk would use the body to “enrich himself and undermine his business rivals,” according to a survey, instead of streamlining the government.

Progressive groups warned that he would be “rigging federal procurement for billionaires and their pals” and cut regulations that govern his companies Tesla and SpaceX. Democratic lawmakers said Doge was a “cover-up” of a more sinister, self-serving exercise by the world’s richest person.

Early moves by the Trump administration suggested Musk might get value for money. A lawsuit brought by the Biden administration against SpaceX over its hiring practices was dropped in February, and regulators probing his brain-implant company Neuralink were dismissed.

Musk’s satellite Internet business Starlink was touted by Commerce Secretary Howard Lutnick as a potential beneficiary of a $42 billion rural broadband scheme. An executive order calling for the establishment of a multibillion-dollar Iron Dome defense system in the US looked set to benefit Musk, due to SpaceX’s dominance in rocket launches.

The gutting of various watchdogs across government also benefited Musk’s businesses, while a number of large US companies rushed to ink deals with Starlink or increase their advertising spending on X. Starlink also signed agreements to operate in India, Pakistan, and Vietnam, among other countries it has long wished to expand into.

But while Doge took a scythe to various causes loathed by Musk, most notably international aid spending and government contracts purportedly linked to diversity initiatives or “woke” research, it also caused severe blowback to the billionaire’s businesses, particularly Tesla.

At one point during his Doge tenure, Tesla’s stock had fallen 45 percent from its highest point last year, and reports emerged that the company’s board of directors had sought to replace Musk as chief executive. The 53-year-old’s personal wealth dropped by tens of billions of dollars, while his dealerships were torched and death threats poured in.

Some of the brand damage to Tesla, until recently Musk’s primary source of wealth, could be permanent. “Eighty percent of Teslas in the US were sold in blue zip codes,” a former senior employee said. “Obviously that constituency has been deeply offended.”

Starlink lost lucrative contracts in Canada and Mexico due to Musk’s political activities, while X lost 11 million users in Europe alone.

Probes of Tesla and SpaceX by government regulators also continued apace, while the Trump administration pressed ahead with plans to abolish tax credits for electric vehicles and waged a trade war vehemently opposed by Musk that threatened to further damage car sales.

In the political arena, few people were cheered by Doge’s work. Democrats were outraged by the gutting of foreign aid and by Musk’s 20-something acolytes gaining access to the Treasury’s payment system, along with the ousting of thousands of federal workers. Republicans looked askance at attempts to target defense spending. And true budget hawks were bitter that Musk could only cut a few billion dollars. Bill Gates even accused Musk of “killing the world’s poorest children” through his actions at Doge.

Musk, so used to getting his way at his businesses, struggled for control. At various points in his tenure he took on Treasury Secretary Scott Bessent, Secretary of State Marco Rubio, Transport Secretary Sean Duffy, and trade tsar Peter Navarro, while clashing with several other senior officials.

Far from being laser-focused on eliminating waste, Musk’s foray into government was a “revenge tour” against a bureaucracy the billionaire had come to see as the enemy of innovation, a former senior colleague of Musk’s said, highlighting the entrepreneur’s frustration with COVID-19 regulations in California, his perceived snub by the Biden administration, and his anger over his daughter’s gender transition.

Trump’s AI and crypto tsar, David Sacks, an influential political voice in the tech world, “whipped [Musk] up into a very, very far-right kind of mindset,” the person added, to the extent that was “going to help this administration in crushing the ‘woke’ agenda.”

Neither Musk nor Sacks responded to requests for comment.

Musk, who claimed Doge only acted in an “advisory role,” this week expressed frustration at it being used as a “whipping boy” for unpopular cuts decided by the White House and cabinet secretaries.

“Trump, I think, was very savvy and allowed Doge to kind of take all those headlines for a traditional political scapegoat,” said Sahil Lavingia, head of a commerce start-up who worked for Doge until earlier this month. Musk, he added, might also have been keen to take credit for the gutting of USAID and other moves but ultimately garnered unwanted attention.

“If you were truly evil, [you] would just be more quiet,” said Lavingia, who joined the initiative in order to streamline processes within government. “You would do the evil stuff quietly.”

The noise surrounding Musk, whose ability to dominate news cycles with a single post on his social media site X rivaled Trump’s own hold on the headlines, also frustrated the administration.

This week, White House Deputy Chief of Staff Stephen Miller took to X to indirectly rebut the billionaire’s criticism of Trump’s signature tax bill, which he had lambasted for failing to cut the deficit or codify Doge’s cuts.

Once almost synonymous with Musk, Doge is now being melded into the rest of government. In a briefing on Thursday, White House Press Secretary Karoline Leavitt said that following Musk’s departure, cabinet secretaries would “continue to work with the respective Doge employees who have onboarded as political appointees at all of these agencies.”

She added: “The Doge leaders are each and every member of the President’s Cabinet and the President himself.”

Doge’s aims have also become decidedly more quotidian. Tom Krause, a Musk ally who joined Doge and was installed at Treasury, briefed congressional staff this week on improvements to the IRS’s application program interfaces and customer service, according to a person familiar with the matter. Other Doge staffers are doing audits of IT contracts—work Lavingia compares with that done by McKinsey consultants.

Freed from the constraints of being a government employee, Musk is increasingly threatening to become a thorn in Trump’s side.

Soon after his Doge departure was announced, he again criticized the White House, this time over its plan to cancel clean energy tax credits.

“Teddy Roosevelt had that great adage: ‘speak softly but carry a big stick’,” Fred Thiel, the chief executive of Bitcoin mining company MARA Holdings, told the FT. “Maybe Elon’s approach was a little bit different.”

© 2025 The Financial Times Ltd. All rights reserved. Not to be redistributed, copied, or modified in any way.

Elon Musk counts the cost of his four-month blitz through US government Read More »

tesla-changes-lease-policy,-didn’t-use-old-cars-as-robotaxis

Tesla changes lease policy, didn’t use old cars as robotaxis

Tesla has raised the ire of some of its customers, who are accusing the carmaker of misleading them. Until recently, it would not allow customers who leased its EVs to purchase them at the end of the lease. Instead, the leases stated that it “plan[s] to use those vehicles in the Tesla ride-hailing network.”

Tesla instituted that policy for Model 3 leases starting in 2019 and later expanded it to the Model Y until changing the policy last November. But Tesla is not currently sitting on a fleet of several hundred thousand ex-lease autonomous Models 3 and Y, and as of today there exists no actual Tesla ride-hailing network.

Instead, it has been spiffing up the ex-lease cars with software updates and then selling them to new customers, according to Reuters. And that has made some former leasers a little unhappy that their old EVs weren’t pressed into service making money for Tesla on an ongoing basis but rather just as a one-time transaction.

Although Tesla Models 3 and Y depreciate heavily now, that was not the case for much of the duration of the “no buyout” policy. Were buyouts permitted then, it’s likely that the buyout amount would exceed the actual value of those 3-year-old Teslas, which therefore may possibly have done these aggrieved owners a favor.

In the meantime, Tesla’s share price benefited heavily from CEO Elon Musk’s constant promotion of the cars’ supposed ability to drive themselves and the scale this would enable for a putative ride-hailing network. If his word is to be believed, autonomous Teslas will start offering rides in Austin, Texas, next month.

Tesla changes lease policy, didn’t use old cars as robotaxis Read More »

fbi-probes-arson-of-tesla-cars-and-facilities,-says-“this-is-domestic-terrorism”

FBI probes arson of Tesla cars and facilities, says “this is domestic terrorism”

Anarchist blog in FBI’s reading list

The New York Post report said the anarchist blog being eyed by the FBI is run out of Salt Lake City, Utah. “In addition, the FBI identified the site Dogeque.st that has information [for] doxxing Tesla employees and locations across the country and [is] being run out of the African country of Sao Tome,” the news report said.

A Democratic congressman criticized the FBI’s decision to create a task force on Tesla-related crime.

“This is the political weaponization of the DOJ,” wrote US Rep. Dan Goldman (D-N.Y.), who previously served as lead counsel in Trump’s first impeachment trial. “Trump uses his official authority to defend his benefactor Elon Musk. The FBI then creates a task force to use our law enforcement to ‘crack down’ on adversaries of Musk’s.”

“Tesla Takedown” calls for peaceful protest

The New York Post report said the FBI is also “tracking a mass protest called ‘Tesla Takedown’ scheduled for March 29 calling for 500 demonstrations at Tesla showrooms and charging stations.” The group behind the protest is calling for peaceful demonstrations and said it opposes vandalism and violence.

A Tesla Takedown website says the planned demonstrations are part of the group’s “peaceful protest movement. We oppose violence, vandalism and destruction of property.” Tesla Takedown says that “Elon Musk is destroying our democracy, and he’s using the fortune he built at Tesla to do it” and urges people to sell their Teslas, dump their Tesla stock, and join the demonstrations.

CNBC quoted a Tesla Takedown spokesperson as saying that the “movement has been and always will be nonviolent. They want to scare us away from protesting Musk’s destruction—but standing up for free speech is essential to democracy. We will not be deterred.”

Three arrests

US Attorney General Pamela Bondi last week issued a statement highlighting three arrests of suspected arsonists. Each defendant faces five to 20 years in prison if convicted. One defendant threw “approximately eight Molotov cocktails at a Tesla dealership located in Salem, Oregon,” another tried to light Tesla cars on fire with Molotov cocktails in Colorado, and a third in South Carolina “wrote profane messages against President Trump around Tesla charging stations before lighting the charging stations on fire with Molotov cocktails,” the press release said.

“The days of committing crimes without consequence have ended,” Bondi said. “Let this be a warning: if you join this wave of domestic terrorism against Tesla properties, the Department of Justice will put you behind bars.”

FBI probes arson of Tesla cars and facilities, says “this is domestic terrorism” Read More »

cybertrucks’-faulty-trim-prompts-biggest-recall-yet,-stokes-tesla-investor-panic

Cybertrucks’ faulty trim prompts biggest recall yet, stokes Tesla investor panic

Every Tesla Cybertruck ever sold is being recalled so Tesla can fix an exterior panel that could potentially come unglued and detach while driving.

If the “panel separates from the vehicle while in drive, it could create a road hazard for following motorists and increase their risk of injury or a collision,” Tesla explained in a safety recall report submitted Tuesday to the National Highway Traffic Safety Administration (NHTSA).

Tesla initially became aware of the issue in January and launched a study of the problem as more complaints came in, the report said. By March, social media complaints were getting louder as Tesla wrapped up its probe, concluding that a voluntary recall was necessary.

The recall affects any 2024 or 2025 Cybertruck manufactured between November 13, 2023, to February 27, 2025, the report said. According to Reuters, this represents “a vast majority of the Cybertruck vehicles on the road, based on analyst estimates.” Potentially more than 46,000 vehicles could require the fix, Tesla said, while conservatively estimating that only 1 percent of cars are likely defective.

Cybertruck drivers unsure if their vehicle needs the fix can look out for warning signs, like “a detectable noise inside the cabin” or visible signs the panel is detaching, Tesla said.

Anyone whose car is covered by the recall can get the fix at no charge, Tesla said. The repair both replaces the adhesive used for the panel with one that’s more durable and reinforces the attachment “with a stud welded to the stainless panel with a nut clamping the steel panel to the vehicle structure,” Tesla said.

Starting tomorrow, all new Cybertrucks that Tesla produces will have this fix, Tesla said, while any vehicles that Tesla currently possesses will be retrofitted before delivery to any customers.

Tesla is currently notifying dealers about the recall, then plans to start reaching out to customers with recall notices on May 19. Any Cybertruck owners interested in pursuing repairs now can call NHTSA’s Vehicle Safety Hotline at 888-327-4236 (TTY 888-275-9171) or go to nhtsa.gov, the agency said.

Investors panicked by Tesla’s “brand tornado crisis moment”

Last year, Tesla had several rounds of recalls, notifying drivers of widely varied problems, from software issues to faulty accelerator pedals or inverters. As recalls have been announced, Cybertruck sales have seemingly slumped, as Tesla obscured the true figures by lumping numbers in with sales of Model X and Model S, MotorTrend reported. This new recall is the first glimpse industry analysts have had of total Cybertruck sales, MotorTrend noted, and compared to other popular trucks, Cybertruck sales overall appear remarkably stunted.

Cybertrucks’ faulty trim prompts biggest recall yet, stokes Tesla investor panic Read More »

used-tesla-prices-tumble-as-embarrassed-owners-look-to-sell

Used Tesla prices tumble as embarrassed owners look to sell

Similarly, one should take with a pinch of salt a website offering to steal Teslas from owners who are unable to find a buyer themselves.

According to data from Car Gurus, used Tesla prices have fallen twice as fast (-3.7 percent) as the wider car market (-1.5 percent) over the last 90 days. Year over year, used Tesla prices are down 7.5 percent, compared to 2.8 percent for the market as a whole. And that’s on top of steep depreciation caused by a series of new car price cuts over the past few years, as well as rental car companies and other companies disposing of fleets of Teslas en masse.

The Model 3 has been on sale longer than the Model Y, and you’d expect the older cars to have depreciated more. Indeed, the average price of a 2017 Model 3 is just under $20,000 now. But even recent model years are shedding value rapidly—a model-year 2022 Model 3 is worth just $25,000 on average.

Model Y prices have decreased by a greater degree, although the higher MSRP and younger age of the Y mean prices haven’t dropped quite as far as the 3, yet. But CarGurus has seen between 16–21 percent drops for each model year of the Model Y, year over year.

CarGurus isn’t the only one to notice this trend, either. According to its data, iSeeCars says used Teslas have dropped by 13.6 percent, year over year. The Models 3, Y, and S were all in its top four EVs for depreciation, although top place went to the Porsche Taycan (which might be starting to look like a bargain).

For its part, Tesla has been trying to boost its image with the help of President Trump. On Monday, the president took to the South Lawn of the White House to promote Tesla’s cars, apparently buying one despite having campaigned on an explicitly anti-electric vehicle platform.

Used Tesla prices tumble as embarrassed owners look to sell Read More »

the-same-day-trump-bought-a-tesla,-automaker-moved-to-disrupt-trade-war

The same day Trump bought a Tesla, automaker moved to disrupt trade war


Tesla hopes to slow down Trump’s tit-for-tat tariffs amid financial woes.

Donald Trump and White House Senior Advisor, Tesla and SpaceX CEO Elon Musk deliver remarks next to a Tesla Model S on the South Lawn of the White House on March 11, 2025 in Washington, DC. Credit: Andrew Harnik / Staff | Getty Images News

Elon Musk’s Tesla is waving a red flag, warning that Donald Trump’s trade war risks dooming US electric vehicle makers, triggering job losses, and hurting the economy.

In an unsigned letter to the US Trade Representative (USTR), Tesla cautioned that Trump’s tariffs could increase costs of manufacturing EVs in the US and forecast that any retaliatory tariffs from other nations could spike costs of exports.

“Tesla supports a robust and thorough process” to “address unfair trade practices,” but only those “which, in the process, do not inadvertently harm US companies,” the letter said.

The carmaker recommended that the USTR—in its ongoing review of unfair trade practices and investigation into harms of non-reciprocal trade agreements—”consider the downstream impacts of certain proposed actions taken to address unfair trade practices.”

According to Tesla, the current process to address unfair trade threatens to harm its more than 70,000 employees, and more broadly could trigger job losses and revenue dips in the US auto industry. It could also disrupt supply chains, as Tesla claims that even its best efforts prove it would be “impossible” to source all parts from the US currently.

“Even with aggressive localization of the supply chain, certain parts and components are difficult or impossible to source within the United States,” the letter said, asking the USTR to “evaluate domestic supply chain limitations.”

If left unchanged, the process could make the US less competitive in global auto markets, Tesla warned, recommending that the “USTR should investigate ways to avoid these pitfalls in future actions.”

Moving forward, Tesla recommends that the USTR “take into account” how the trade war could hurt US exporters, as “US exporters are inherently exposed to disproportionate impacts when other countries respond to US trade actions.”

In the letter, Tesla appears to suggest that Trump’s tariffs were rushed, suggesting that “US companies will benefit from a phased approach that enables them to prepare accordingly and ensure appropriate supply chain and compliance measures are taken.”

Tesla was not alone in submitting comments to the USTR. So far, hundreds of companies have chimed in, many hoping to push back on Trump’s aggressive tariffs regime.

Among them was a trade group representing major foreign automakers like BMW, Honda, and Toyota—Autos Drive America—which agreed with Tesla that the USTR should slow Trump down and require considerations about long-term impacts of sudden actions to address unfair trade. They similarly warned that imposing “broad-based tariffs will disrupt production at US assembly plants,” Reuters reported.

“Automakers cannot shift their supply chains overnight, and cost increases will inevitably lead to some combination of higher consumer prices, fewer models offered to consumers and shut-down US production lines, leading to potential job losses across the supply chain,” the group said.

Disrupting Trump trade war may be tough

Last week, Trump’s 25 percent tariffs on Canada and Mexico took effect, likely frustrating Tesla, which relies on a small parts manufacturer in Canada, Laval Tool, to source parts for the already costly molds for its Cybertrucks. Those tariffs threatened to spike costs beyond the current rate of nearly $500,000 per mold at a time when the Cybertruck hasn’t been selling well, InsideEVs reported. And for Tesla, Trump’s China tariffs may hit even harder, as China is Tesla’s second biggest market.

On the day that those tariffs kicked in, the head of the Alliance for Automotive Innovation—which represents all the major US automakers, except Tesla—John Bozzella warned that “all automakers will be impacted by these tariffs on Canada and Mexico,” Reuters reported. He joined others predicting price hikes on cars coming soon, perhaps as high as 25 percent.

Tesla’s letter to the USTR is notably unsigned, despite CEO Musk’s close allyship with Trump as a senior advisor in his administration—suggesting Musk may be hesitant to directly criticize Trump’s trade war or his opposition to EVs.

Many have questioned how long Musk’s friendship with Trump can possibly last, given their strong personalities and seeming unwillingness to bend to critics. At the beginning of this administration, Musk seemed unafraid to question Trump despite teaming up with him. Perhaps most notably, Trump’s team was supposedly “furious” after Musk trashed Trump’s $500 billion “Stargate” project with OpenAI, Politico reported, which Trump had hyped as “tremendous” and “monumental.”

“It’s clear he has abused the proximity to the president,” a Trump ally granted anonymity told Politico. “The problem is the president doesn’t have any leverage over him and Elon gives zero fucks.”

Officially, Trump downplayed Musk’s public criticism of his major announcement, seeming to understand that Musk views OpenAI CEO Sam Altman—whom Musk is suing for making a “fool” out of him—as an enemy.

“He hates one of the people in the deal,” Trump told a reporter who asked if Musk’s comments had bothered him, confirming, “it doesn’t.”

Despite a long history of harsh comments about EVs, Trump has recently hyped Tesla cars, which Tesla noted in its letter to the USTR, further its mission “to accelerate the world’s transition to sustainable energy.” The BBC noted Tesla’s letter was sent the same day that Trump hosted a White House event where the president vowed to purchase a Tesla in defiance of Tesla boycotts and protests that some believe are driving a steep Tesla stock fall and even degrading the price of used Teslas. In a Truth Social post, Trump claimed that he was buying a Tesla to support “one of the World’s great automakers” and “Elon’s ‘baby,'” alleging that protests and boycotts were somehow illegal.

The Hill suggested that their friendship isn’t likely to end soon, even though Trump has supposedly complained in private about taunts suggesting that Musk is really the president or somehow pulling the strings, The Independent reported.

Musk may be settling into a good dynamic with Trump after spending ample time at the president’s side, reportedly even joining meetings and sensitive calls. Or perhaps Musk is giving Trump space to call the shots, after Musk’s Department of Government Efficiency’s aggressive cuts at federal agencies sparked backlash that finally pushed Trump to rein in Musk’s power a little.

Musk’s proximity to Trump was predicted to be a boon to his businesses, but Tesla has been stuck in a slump that seemingly some Trump allies think Trump might fear makes him look weak, The New Republic reported. But Trump has made tariffs the core of his trade policy, hoping aggressive taxes will force more industry into the US, and it’s hard to see how Musk could easily influence him to shift gears.

In Tesla’s letter, the automaker told the USTR that it was “essential to support US manufacturing jobs” by ensuring that cost-prohibitive tariffs or other import restrictions don’t disrupt critical auto industry supply chains. For Tesla, the stakes couldn’t be higher, as the company reminded the USTR that “Tesla was ranked as the world leader in the transition to vehicle electrification,” manufacturing “the best-selling car in the world (EV or otherwise).”

“Tesla’s US facilities support over 70,000 employees and are responsible for billions of dollars of US investment and economic activity each year,” Tesla’s letter said.

Photo of Ashley Belanger

Ashley is a senior policy reporter for Ars Technica, dedicated to tracking social impacts of emerging policies and new technologies. She is a Chicago-based journalist with 20 years of experience.

The same day Trump bought a Tesla, automaker moved to disrupt trade war Read More »

nissan’s-latest-desperate-gamble—see-if-tesla-will-buy-the-company

Nissan’s latest desperate gamble—see if Tesla will buy the company

Senior politicians in Japan are not going to let Nissan die easily. The automaker has been struggling for some time now, with an outdated product portfolio, ongoing quarterly losses, and soon, the closure of factories and thousands of layoffs. The Japanese government has been trying to find a suitor and had hoped that Honda would do its patriotic duty and save its rival from extinction.

That deal—one branded “a desperate move” by former Nissan CEO and fugitive from Japanese justice Carlos Ghosn—fell apart last week after Renault demanded a price premium for its shares in Nissan, and Nissan demanded a merger of equals with Honda. In reality, it was always going to be a takeover, with very little in it for Honda in the way of complimentary product lines or access to new technologies.

Today, we learned of yet another desperate move—the former Japanese Prime Minister Yoshihide Suga is among a group that is trying to get Tesla to invest in Nissan instead.

Such a merger seems exceedingly far from likely, even if Tesla CEO Elon Musk wasn’t completely distracted dismantling the federal government and its workforce. While the company still maintains a ludicrous market capitalization thanks to retail investors who believe it is poised to sell billions of humanoid robots to every human on earth, as an automaker, it may well be struggling almost as much as Nissan.

As experts told us last year, Tesla is not a well-run enterprise. Its product range suffers, like Nissan’s, from being outdated compared to the competition. It appears that consumers have turned against the brand in Europe and increasingly the US, and its quarterly financial results have been more than disappointing of late. Tesla’s free cash flow fell by 18 percent in 2024 to $3.6 billion, although such is the value of Tesla stock that, were a Tesla-Nissan deal to happen, the former could pay for the latter with equity, should it entertain the idea seriously.

Nissan’s latest desperate gamble—see if Tesla will buy the company Read More »

protesters-demonstrate-outside-tesla-showrooms-in-us

Protesters demonstrate outside Tesla showrooms in US

“The worry of the Street is that Musk dedicating so much time—even more than we expected—to Doge takes away from his time at Tesla,” said Wedbush analyst Dan Ives.

“In addition, Musk’s Doge-related actions and more powerful alliance with Trump clearly could alienate some consumers to move away from the Tesla brand.”

About 50 to 100 protesters turned out in Portland, Oregon on Saturday, carrying signs saying, “Dethrone Musk” and “If Tesla survives, your country dies.”

Edward Niedermeyer, author of Ludicrous: The Unvarnished Story of Tesla Motors, was one of them. Since Musk’s power is not derived from election to public office, he said, boycotting and divesting from Tesla is the only tool available to curb his agenda.

He argued that Tesla was overvalued and that its core business of making and selling cars was deteriorating. Significant losses could force investors to sell, triggering a drop in the share price and forcing Musk to sell a portion of his shares to meet a margin call.

“Every Tesla sale that you prevent, every dollar not spent servicing a Tesla, not charging at the Supercharger—these further degrade the business,” Niedermeyer said.

“It’s not easy, it’s not guaranteed, but we do have the opportunity to wipe out a huge amount of Elon Musk’s wealth.”

In Chicago, protesters carried a banner saying “Stop buying Nazi cars.”

City resident Lisa Pereira said she came to the demonstration because “you have to do something.” She said she was disturbed by the administration’s attempts to crush diversity, equity and inclusion initiatives, its aggressive immigration enforcement, and the power wielded by Musk.

“Everything is a little off the rails,” she said. “So I decided I had to show up. I had to be in cahoots with my soul.”

Chris White said he attended on Saturday because he fears “we’re living through a fascist coup.”

“My kids are trans,” he said. “I’m getting told they don’t exist. I don’t know if their healthcare will exist.”

Though one man yelled from a truck, “Elon’s my hero!” most passers-by in the heavily Democratic city expressed support.

“I’d rather buy a Rivian,” said one, referring to the electric-truck maker whose showroom was a block away from the protest.

Tesla did not immediately respond to a request for comment.

© 2025 The Financial Times Ltd. All rights reserved. Not to be redistributed, copied, or modified in any way.

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