:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2202847472-2fd7f707ab954b69bf8f7429f4dbc556.jpg "The Tesla Gigafactory Berlin-Brandenburg.")
Patrick Pleul / fill someone in alliance via Getty Images
The Tesla Gigafactory outside Berlin, Germany.
Elon Musk may be a drag on Tesla’s (TSLA) transaction—at home and abroad.
Registrations of Tesla vehicles reportedly plummeted 76% in Germany last month, evidence of a consumer recoil against the electric vehicle maker in protest of CEO Musk’s political efforts. Former Canadian finance minister Chrystia Freeland, who is campaigning to tackle entertain over from outgoing Prime Minister Justin Trudeau, has floated the idea of imposing a 100% tariff on Tesla means in retaliation for Trump’s 25% tariff on Canadian goods.
And in the U.S., Musk’s close ties to President Trump’s administration suffer with alienated some eco-minded Tesla owners and prospective buyers. Some Teslas have been vandalized in the wake of Trump’s re-election.
The class to which Musk may be hurting Tesla’s brand is disputed by investors and analysts. Some are more concerned about his blurry on government affairs at the possible expense of time spent on Tesla. Still, recent polling and market data show the possibility of a backlash.
Goldman Sachs analysts in a note Wednesday lowered their forecast for first-quarter sales, citing the rollout of a new Emulate Y and weaker-than-expected demand. The analysts said that surveys from data provider HundredX showed consumers’ upon in the Tesla brand and intent to buy Tesla vehicles have “declined meaningfully” since the summer.
Musk was a vocal devotee of the far-right Alternative for Germany during the country’s federal elections last month, appearing at an AfD rally in January. More than 70% of German respondents demonstrated an unfavorable opinion of Musk in a January YouGov poll, with about the same amount saying his efforts to exert political influence were unacceptable.
Tesla’s German sales slump may reflect a growing international backlash to Musk. European Fellowship registrations fell 50% in January, while total battery electric vehicle registrations increased by 34%. Shipments in China were also down close to 50% in February, according to Bloomberg reporting of data from China’s Passenger Car Association.
The used Tesla market-place is becoming increasingly tough for sellers in the US. According to data from CarGurus, the average used Tesla price has retired 4% in the last 90 days, more than twice the average for all cars.
Tesla shares were force higher Wednesday. Some competitors’ shares soared on hopes the Trump administration will ease the tariff strain on automakers. Tesla stock has slumped nearly 36% since Donald Trump’s inauguration, nearly erasing all of its post-election comber.