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Tesla Trade-Ins Set for Record High Amid Musk Backlash

Motorists have traded in a record number of Tesla electric vehicles this month, making up 1.4% of all traded vehicles, according to data from Edmunds. Elon Musk's role as an adviser to U.S. President Donald Trump has resulted in significant backlash, leading to protests and an increase in trade-ins. Jessica Caldwell, head of insights at Edmunds, noted that the decreasing loyalty toward the Tesla brand could create opportunities for other automakers and electric vehicle startups. Additionally, Tesla's brand value has dropped by 26%, or approximately $15 billion, in 2024, reflecting a decline in consumer interest and loyalty.