Tesla (TSLA) is encountering significant challenges as incidents of vandalism target its facilities. Police in Massachusetts reported that seven of the electric vehicle maker’s charging stations were deliberately set on fire, with the incident being investigated as suspicious, according to CBS News. Recently, Tesla locations across several states have been subjected to vandalism. A Tesla dealership in Maryland was graffitied, with the message “No Musk” accompanied by a swastika-like symbol, shortly after nearly 300 protesters gathered outside to oppose CEO Elon Musk’s efforts to reduce government spending.
In northern Colorado, authorities arrested a suspect allegedly responsible for placing incendiary devices at a Tesla dealership. Meanwhile, Tesla’s sales are faltering both in the U.S. and internationally. In 2024, U.S. sales dropped by 1% compared to the previous year, marking the company’s first annual sales decline in 12 years, despite a 7.3% rise in global EV sales.
Data from the China Passenger Car Association revealed a 49% year-over-year drop in Tesla’s February wholesale numbers in China. In Australia, Tesla’s February sales reached 1,592 units, a significant increase from January’s 739 deliveries but a 70% decrease from the previous year. Bloomberg reported that Tesla’s sales in Europe fell by 45% in January, contrasting with a 37% surge in overall industry sales in the region.
Germany, Europe’s largest single-country car market, saw Tesla registrations plunge by 76% to 1,429 cars in February, while overall electric vehicle registrations rose by 31%. This downturn follows Elon Musk’s endorsement of the far-right Alternative for Germany Party ahead of the Feb. 23 election, which has stirred controversy.
Additionally, Tesla is halting production at plants manufacturing the Model Y midsize SUV to revamp assembly lines, with the Grünheide factory near Berlin among those affected. The company also faces attacks on railway infrastructure near its German plant, claimed by an activist group aiming to block factory expansion.
Through the first two months of the year, Tesla’s sales plunged 71% in Germany and 44% in France, the EU’s two largest EV markets. Despite a nearly 50% rise in Tesla shares from a year ago, the stock has fallen 33% year-to-date. Bank of America Securities reduced Tesla’s price target to $380 from $490, maintaining a neutral rating amid concerns over declining new vehicle sales in the EU, potential brand sentiment issues, and uncertainties surrounding the launch of a low-cost model and robotaxis.
— news from TheStreet