Tesla's quarterly sales plunge as backlash against Elon Musk grows
By : Sandhya
Due to growing worldwide competition, backlash against CEO Elon Musk's politics, and consumers waiting for an update to its best-selling electric car, the Model Y, Tesla's quarterly sales fell 13% to their lowest level in over three years. The first quarter's faltering sales show that Musk's entry into American and European politics, as well as the consequences of the company's years-long wait in launching new products, are causing the once-dominant brand to reel.
As administration insiders increasingly see the billionaire as a political liability, Tesla shares were down early on Wednesday but turned around after a Politico story that Musk was preparing to resign from his position as an adviser to US President Donald Trump shortly.
The software mogul will remain to finish his aim of cutting government spending and reducing the federal workforce, the White House said, dismissing the report. According to Stock Trader Network Chief Strategist Dennis Dick, who owns stock in Tesla, "shareholders are hoping Musk will now have the time to focus on rebuilding the Tesla brand," citing the Politico report.