Trump to buy Tesla EV: US President throws weight behind Elon Musk

In a show of support, the 47th President of the USA, Donald J. Trump has said on Tuesday that he will buy a new Tesla vehicle on Wednesday morning. This was positioned as an expression of faith in Tesla Chief Executive Officer Elon Musk, whom Trump praised as, "a truly great American."

Trump made the announcement on the social media platform, ‘Truth’, lambasting the boycott attempts against Tesla in what he called an attack against Musk and against his contributions to the nation. Trump also stated that "the Radical Left Lunatics" were unfairly targeting Musk and Tesla, one of the world's leading carmakers. The statement was meant to galvanise support for Musk among Republicans, conservatives and his broader base.

Musk’s response

Musk said, “Thank you, President," while addressing Trump's announcement, simply acknowledging the public endorsement. The statement came amid nationwide protests against Tesla, sparked by Musk’s role in the Department of Government Efficiency (DOGE) and its sweeping federal job cuts.

Protesters have taken to the streets outside Tesla facilities, carrying placards and chanting grievances against Musk's policies. The demonstrations were mostly peaceful, but various Tesla facilities and vehicles have fallen victim to vandalism. The backlash underscores the growing controversy around Musk and his involvement and decisions in the administration.

Plummeting Tesla stocks

On Monday, shares of Tesla suffered their biggest decline in years with a drop that exceeded 15 per cent. It was caused by concerns regarding economic uncertainties and Trump's tariffs which led to general market sell-off.

The stocksfellfollowing UBS Group AG's Joseph Spakreducingforecastsfor the first quarter and the year. Robert W. Baird & Co. analyst Ben Kallo alsoreduced his estimates for Tesla deliveries on March 6.

Spak isforecastingTeslatodeliverjust3,67,000 vehicles this quarter,down 16 per cent from hisearlier estimate.He’s also no longer expecting the company to sell more vehicles in 2025 than last year, projecting a roughly 5 per cent annual drop.Bloomberg's surveyedanalysts are forecastingabout 10 per centriseon average for the year, and Tesla executives forecasted the company willbebackto growthnextyear.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.