Research firm Rho Motion reports that although industry-wide EV sales in China increased 40% last year, its revenue decreased 4%.
Additionally, its sales declined far more sharply than those of the larger German and French markets. Things may become worse because of Musk’s political involvement.
Indeed, Tesla’s investors are used to his spending his time elsewhere, whether it be on SpaceX, Twitter (formerly known as X), or his side projects involving artificial intelligence and brain interfaces.
They likely accepted his $56 billion compensation deal last year because they believe it typically doesn’t impede the automaker’s success.
However, as the director of the U.S. Department of Government Efficiency, his quest for cost reductions of up to $1 trillion is controversial.
He has opposed European administrations and supports right-wing political groups. According to the EV Politics Group, 74% of Republicans have a positive impression of Musk,
