Tesla Powerwall demand declines on negative sentiment toward Musk

From ESS News

Tesla stock is down nearly 50% from its all-time high in December, shedding the post-US election result bump in value it had enjoyed.

Political tensions related to Tesla Chief Executive Officer Elon Musk’s actions as the leader of the Department of Government Efficiency (DOGE) have led to widespread protests, and even vandalism at Tesla car dealerships. An industry note from Phil Shen, managing director of Roth Capital Partners, suggests that those political tensions are leading to a decline in demand for Tesla’s residential solar products as well.

Roth said it sees downside risks for the Powerwall 3 home battery and Tesla inverter, based on discussions with its residential solar installer contacts. One installer told Roth they were, “expecting Tesla to fall to 20% of battery sales in [the] next six months. We are getting all types of nasty feedback if we even put pics of Powerwalls online. So we scrubbed all references and pics from all ads and online presence.”