Tesla "losing traction" with Democrats but gaining with Republicans, Stifel says
Elon Musk’s actions are impacting how some carbuyers are approaching Tesla, according to the Stifel analysts led by Stephen Gengaro.
"There is a clear negative shift from Democrats, while Republicans willingness to buy a Tesla is rising," Gengaro said.
Notably, the numbers found that the net purchase consideration for Teslas among Democrats sank to -42%, compared to roughly -31% in August -- when Musk first endorsed Donald Trump for a second term in the White House. Meanwhile, for Republicans, it edged up to -13% in the latest period from -26% in August.
"This backlash has surfaced anecdotally and on social media (people placing bumper stickers on their Tesla’s claiming they love the car, but not Elon, and other variations)," and is supported through the Stifel data, Gengaro noted.
He said the potential uptick in Republican willingness to buy Tesla’s offerings could partially offset the negative trend among Democrats.
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