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- New Tesla sales have dropped in Germany, Australia, China and elsewhere
- Used Model 3 and Model Y prices have also fallen in the US
- Web searches for used EVs are also trending away from Tesla
Whatever your political persuasion, it's hard to get away from the fact that Tesla is having a rough time at the moment, with new car sales plummeting by up to 76.6% in some markets over reason months.
According to CarScoops, Tesla sales in Norway dropped by 44.4% through January and February, meanwhile in Germany, where Musk’s now infamous salute arguably hit the hardest, sales were down a staggering 76.3% in February compared to the same period in 2024.
The picture looks even gloomier when you consider that in both the Norwegian and German markets, overall EV adoption has steadily been on the rise, with sales in Germany climbing 30.8% in February, and Norway’s EV market growing by 53.4% since the beginning of the year.
Tesla diehards will be keen to point out that the updated Model Y likely has something to do with it, as customers put off buying new and wait for that car to arrive in key markets, such as China, Australia and much of mainland Europe in the coming weeks.
Whether or not it's down to a general waning of consumer demand for Tesla products, or customers holding off for refreshed product, it’s hard to ignore the fact that these price crashes are also happening across the used market, too.
According to Forbes, the average price for a used Model Y in the US has dropped by more than $6,000 over the last 12 months to about $30,000 this month, according to data it received from used car experts CarGurus.
The same thing is happening to older, higher-mileage Model 3s, which Forbes says can now be picked up for less than $15,000, making them a veritable used bargain for first-time EV buyers.
But the anti-Tesla sentiment that is rife in the US right now could well see stock lingering on used-car forecourts for longer, as buyers actively choose to move away from the brand.
In the US, some Tesla owners have even resorted to sticking rival automotive badges onto their vehicles in an effort to disguise them.
This behavior is contagious, and is impacting the overall demand for Musk’s product, with web searches for Tesla vehicles dropping 7% this February, compared to the same period last year, while searches for other used EVs spiked 28%, according to Davide Greene, an industry analyst who spoke to Forbes.
Big names are turning on Tesla
With continuing threats of demonstrations and even violent actions at Tesla dealerships, the outlook for the brand isn’t rosy right now. And to make matters worse, some big-name Tesla advocates are turning their backs on Tesla.
Recently, Apple cofounder Steve Wozniak went on record to say that Tesla is “the worst in the world” when it comes to user interface, citing the fact that constant updates to the infotainment system have made it a “miserable” experience, according to Fortune.
Wozniak was an early advocate of Musk’s, praising the entrepreneur and publicly revealing his love for his Model S. Similarly, big-name celebrities, such as Sheryl Crow, have publicly waved goodbye to their Teslas in recent months.
One 2024 article by The Hollywood Reporter claimed that “Hollywood Can’t Ditch Its Teslas Fast Enough,” citing numerous industry experts that have seen demand for Musk’s electric vehicle plummet from an all-time high 10 years ago as it loses market share to Audi, BMW, Mercedes-Benz and relative newcomers like Polestar.
However, some investors believe that the refreshed Model Y will see Tesla’s fortunes change, seeing as the model has historically accounted for a large proportion of the company’s overall sales.
This Reddit Post offers a rather more upbeat assessment of Telsa's fortunes compared to the pummeling the company is getting elsewhere in the press at the moment, but only time will tell if Elon’s brand damage has been permanent or not.