Tesla experiencing record high trade-ins as things continue to go wrong for Elon Musk
Is it time for the carmaker’s CEO to step down before the damage becomes irreversible?
- A record number of Tesla’s have been traded in in the US amid a wave of protests against CEO Elon Musk and his work as an adviser to President Donald Trump.
- Tesla cars from 2017 or newer accounted for 1.4% of all the vehicles traded in in the month to 15th March, up from 0.4% in March last year.
- The EV maker has also been removed from the Vancouver International Auto Show, with organisers citing safety concerns surrounding the increasing number of protests being held across the US targeting Elon Musk.
- Tesla has also been forced to recall 46,096 Cybertrucks in the US, nearly every unit produced before February 2025 to fix an exterior panel that could detach while driving.
- Tesla’s stock is down nearly 50% this year, amid rising competition, an aging vehicle lineup, and the backlash against CEO Elon Musk and his relationship with Trump.
- However, Tesla and Musk have remained upbeat and expect the business to return to growth this year, after a small drop in 2024.
Elon Musk faces mounting pressure amid growing criticism and calls for a boycott.
Elon Musk is facing another setback with Tesla as the company has been forced to recall over 46,000 Cybertrucks due to safety concerns over a potential panel detachment while driving.
According to a new filing with the U.S. National Highway Traffic Safety Administration (NHTSA), a stainless steel exterior panel may “delaminate and detach” from the vehicle. The recall affects 46,096 Cybertrucks built between November 13, 2024, and February 27, 2025.
The issue involves a cosmetic applique attached to the truck’s steel exterior using fasteners, which may not be secure enough to prevent it from coming loose.
