Tesla in a tough spot: Cybertruck recalls, boycotts, stock drop

Tesla is having a tough time as the company faces protests and recalls, and has seen its stock drop since CEO Elon Musk’s involvement with the Trump administration.

The company’s shares are down almost 45% this year.

In the latest blow, US regulators recalled over 46,000 Cybertrucks on Thursday, marking the eighth time since the truck’s rollout in November 2023. The NHTSA noted that the car’s external trim panel could detach while driving, causing risk to other drivers.

The resale value of Tesla EVs has plummeted by 58% to the sticker price, according to CarGurus.

More people are listing the automaker’s cars for sale or boycotting the brand due to Musk’s association with DOGE, mass federal layoffs, and his controversial political standings—often posted on the X social media he owns.

Several Tesla dealerships have been targeted by vandals this month, and US AG Pam Bondi revealed yesterday that three were charged with violent acts.

Over 500 anti-Tesla protests are planned by the Tesla Takedown movement on March 29.

Long-time Tesla supporters, like Wedbush financial analyst Dan Ives, have warned investors that it is a “brand tornado crisis moment for Musk and Tesla.” They recommend the CEO reduce his involvement with Trump.

The company also faces declining sales worldwide, bringing its market cap below $700 billion.