Tesla already looked beleaguered last week as a tumbling stock price tied to public anger at CEO Elon Musk wiped out more than a half-billion dollars in value. The slide erased all the gains the company had garnered since new Musk ally Donald Trump was reelected as president. On Monday the stock went into full freefall, losing 15% of its value in one day. By Tuesday, Trump had to pose with Tesla vehicles outside the White House to try to defend them.
With a crashing market valuation and rising rage against its figurehead, Tesla’s business is in real jeopardy, something that’s true regardless of Musk’s power in the federal government. If he can’t magically right the ship this time, this self-sabotaging MAGA turn will go down as one of the great self-owns.
Musk’s heel turn has also upended EV culture and meaning. Tesla ownership, once a signal of climate virtue for those who bought in early, has been rebranded as a badge of shame. I’m annoyed that a vehicle I chose for the purpose of not burning fossil fuels has become a political albatross, and that many drivers are resorting to self-flagellating bumper stickers in the hopes it will stop vandals from spray-painting their doors. I wish I knew then what we know now, of course. But what would have become of the EV revolution if we had?
When, exactly, we should have seen Elon’s true self is a question that will inspire countless arguments amid the wave of Tesla hate. Signs were there early. By 2018, before the Model 3 even hit the road, Musk had been hit by so much criticism of his bad tweets and weird behavior that the magazine I worked for at the time felt the need to publish a contrarian defense of him as just the kind of risk-taking innovator the world needs.
That angle aged like milk, but within it lay a few grains of truth. Tesla truly did the bulk of the work in transforming the image of the electric car from a dumpy potato that only climate advocates would ever own, like the original Nissan Leaf, into a desirable consumer product. This is the company’s signature achievement, one that kickstarted the widespread adoption of EVs.
As I’ve written before, Musk wasn’t exactly untainted by 2019, when I bought my own Model 3. The Tony Stark luster of the new space age entrepreneur had worn off as the man sullied himself with pointless “pedo guy” accusations leveled at a rescuer in the Thailand cave incident. But the man had the best electric vehicle on the market, and more importantly, the best charging network. Having just moved to Los Angeles and in need of a vehicle, I wanted an EV to be my family’s only car. Without a home charger in the apartment, I simply couldn’t have lived with a Chevy Bolt or Hyundai Kona EV and the inferior charging networks they relied on at the time.
Millions of people who bought Teslas between then and now made the same choice. Some did it because a Tesla became a status symbol; many others were like me, simply interested in the most practical EV they could get. The ascendance of the Model Y to the world’s best-selling car of any kind in 2023 — a fact that feels astonishing in this flood of horrible vibes and MAGA antagonism just two years later — turned countless people into EV drivers.
After Musk’s far-right reveal, sales are tanking in the U.S., Europe, Australia, and other places that just saw a Tesla boom. Many owners, at least those with the financial wherewithal to buy a new car based on the prevailing political winds, are trying to unload their Musk-affiliated vehicles.
All those people in search of a new ride have a much better selection of electric vehicles to choose from than I did in 2019, which, weirdly, is thanks to the legacy carmakers and new EV startups that raced to catch up to Tesla. If I hadn’t bought a Model 3 in 2019, I would’ve had to get a hybrid and keep burning gasoline. If you want to avoid Musk in 2025, there are great Hyundai, Chevrolet, and other EVs waiting for you.
This isn’t to say there’s no alternate history where electric vehicles take off without Tesla. It didn’t invent the EV. Other automakers were experimenting with EVs before Musk’s company took off and conquered the market, and government environmental goals pushed carmakers toward electrification. Yet it’s hard to argue we’d be where we are now, with tens of millions of EVs on the world’s roads, without the meteoric rise of Musk’s car brand.
It stinks, simply put, to say anything nice about Tesla now, even if one is stating facts. Yes, Musk’s success buoyed electrification on multiple fronts: selling tons of EVs, forcing the other automakers to get serious about their electrification goals, and building a charging network that let his vehicles go just about anywhere a gas car would go. It also made him the world’s richest man, giving him the resources to buy and ruin Twitter and then help Trump get re-elected and undo federal policy support for the very cars he helped popularize. He made the world a better place for a moment, then ruined it because he could.
As an EV advocate, I can’t ignore the fact that Tesla got us to here. But as a human, I eagerly await the time Musk’s company no longer dominates the market it created. Thank goodness, that time seems to be coming soon.
EIA
