Benzinga - by Anan Ashraf, Benzinga Editor.
Despite the Democratic Party‘s advocacy for electric vehicles, the proportion of Democrats purchasing Tesla cars reportedly declined a lot last fall.
What Happened: According to a report from The Wall Street Journal citing a survey by researcher Strategic Vision, the percentage of Democrats buying Tesla vehicles dropped by over 60% in October and November.
This decline coincided with controversial remarks made by CEO Elon Musk on social media, including endorsing an anti-Semitic tweet. Combined with waning demand, these factors negatively impacted the company’s sales.
The WSJ report noted that Democrats accounted for 40% of Tesla customers among 2022 model-year buyers. However, this figure dropped to 39% in 2023 and further declined to 15% in the 2024 model year survey that began in October.
Meanwhile, Republicans increased to 32%, and independents rose to 44% during the same period, indicating a decrease in Tesla’s popularity among Democrats.
However, despite the decline in Tesla purchases by Democrats in 2023, the numbers rebounded this year, with Democrats accounting for 35% of the brand’s sales through late February.
Politics Vs. Cars? U.S. Representative and Democrat Alexandria Ocasio-Cortez, despite her criticism of Musk, owned a Tesla that she expressed a desire to replace with a union-made EV in September. It is unclear if she has already replaced the vehicle. Similarly, despite his criticism of EVs, former President Donald Trump has previously owned a Tesla Roadster himself.
Musk’s Political Leanings: Despite Trump’s criticism of EVs, Musk appears to be against President Joe Biden and in favor of Trump. Musk expressed his support for the Republican Party in a post on X in March, stating, “There is either a red wave this November or America is doomed.” He has also criticized Biden for his handling of illegal immigration and made jokes about his age.
Why Does It Matter: Tesla does not segment its delivery data by vehicle model or geography, instead opting to report combined global numbers. Earlier this month, Tesla reported an 8.5% year-on-year decline in first-quarter deliveries, with 386,810 vehicles delivered worldwide.
Sales numbers also appeared to dip in the U.S., with Tesla selling 140,187 electric vehicles last quarter, a 13.3% drop from the corresponding quarter in 2023, according to data from automotive research company Kelley Blue Book.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: Tesla FSD Is Now Nearly 50% Cheaper Than When Elon Musk Called It ‘Very Low' Just Under A Year Ago
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.