Revolt in between Tesla ranks?
A Model 3 that sold for over $70,000 two years ago now struggles to fetch $26,000, according to iSeeCars. But this isn’t just about aging batteries or market saturation. A growing revolt against Musk’s leadership at the Department of Government Efficiency (DOGE) has owners ditching their cars in protest, flooding the market with unwanted vehicles.
While all electric vehicles (EVs) dipped slightly in 2023, Tesla’s used prices fell 21 per cent year-over-year, 15 times steeper than the industry average. Competitors like Ford and Hyundai actually saw increases in resale values, per iSeeCars. CarGurus added salt to the wound this January, reporting used Teslas selling for $10,000 less than rival EVs. Analysts blame a perfect storm: Hertz dumping 30,000 ex-rental models into the market, Musk’s divisive politics scaring off buyers, and Tesla’s own price cuts on new cars making used ones look overpriced.
Meanwhile, new Tesla sales are not up to the mark. First-quarter US deliveries dropped 13 per cent compared to 2023, the steepest decline in over a decade, despite slashing prices on Model Y and Model 3 sedans. Leasing deals now start at $299/month, but buyers remain wary.
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Who is the current owner of Tesla?
The current owner of Tesla is billionaire CEO Elon Musk.
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