Tesla Cars Burning: Businessman Elon Musk’s electric car Tesla, has been burnt at many places in the US and Europe in the last few months. According to media reports, about 100 Tesla cars have been set on fire or vandalized so far. All these incidents are happening at a time when there are reports of Tesla entering the Indian market soon.
Table of Contents
Tesla Cars Burning: Musk Suffers Losses
Musk and his company are suffering huge losses due to the arson of Tesla cars in America and Europe. On March 25, the US investigative agency FBI announced a special task force to investigate the attacks on Tesla.
Why are People Boycotting Tesla
Anger against Musk due to layoff of government employees US President Donald Trump has appointed Elon Musk as the head of Department of Government Efficiency (DoGE) to reform the government department. This department is emphasizing on reduction in government expenditure.
Musk’s department has fired around 20,000 people from government jobs to cut costs, while 75,000 people have decided to take buyout (voluntarily leave the job).
On the advice of Musk’s department, Trump had stopped the aid given to poor and developing countries around the world under the International Development Agency (USAID).
For these reasons, there is a lot of anger against Musk and his company. Musk accused of supporting right-wing parties Musk has supported many right-wing parties in Europe in the last few months. There has been widespread resentment against him for this.
Tesla Cars Burning: Elon Musk Highlighted Points
Britain- Musk had appealed to British King Charles to dissolve the Parliament in January. He had accused British PM Keir Starmer of failing to punish rape victims when he was the Director of Public Prosecution 15 years ago.
Germany- Musk supported the right-wing party Alternative für Deutschland (AFD) in the German elections. He said on social media that only AFD could save Germany. AFD is the only hope for the country. This party can give a better future to the country.
France- Musk has not yet openly supported any right-wing party in France, but there is resentment in France also due to his interference in the affairs of Europe. French President Emmanuel Macron had said that who would have thought 10 years ago that The owner of one of the world’s largest social networks will support the international reactionary movement.
Italy- Italy’s Prime Minister Georgia Meloni has called Elon Musk her friend. She said that I could be both Musk’s friend and Italy’s Prime Minister at the same time. Meloni is considered a right-wing leader.
Tesla Cars Burning: People are Angry due to Layoffs in the Tesla Company
In February, Tesla laid off 4% of its employees at its autonomous driving research agency. This is the same agency that was working to improve Tesla’s self-driving technology. Thousands of employees lost their jobs due to the sudden layoffs, which increased their resentment.
Employees and unions alleged that Musk had laid off workers on a large scale at Tesla without any prior notice. This left them on the streets. Due to this, Musk is facing huge protests. According to the National Highway Traffic Safety Administration, government agencies are also investigating these layoffs.
How much economic loss did Musk suffer: Boycotting Tesla and burning cars has dealt a big blow to Musk and his company. Tesla shares fell 15% in March, which was their worst day in the market since September 2020. The company’s market cap fell by about $800 billion.
This also affected Musk’s net worth. From January 2025 to March, Musk’s net worth fell by $132 billion, i.e. about Rs 11 lakh crore. This also includes a decline of $29 billion in a single day in March. The company faces the risk of declining sales: If the protests continue, Tesla’s sales may be directly affected. Its effects are also visible; according to research firm JATO Dynamics, Tesla’s sales in Europe fell by 45% in January, while overall electric vehicle sales increased.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗