Tesla started 2025 with alarming news: its first annual sales decline and a dramatic 71% drop in profits. This downturn led to a drop in stock prices, compounded by recalls, quality issues, and political controversies involving CEO Elon Musk. The potential tariffs proposed by President Trump on imports from Mexico and Canada add to the company's woes. In response, Tesla executives have expressed their concerns to the USTR about disproportionate impacts on their operations, highlighting difficulties in sourcing components domestically despite efforts at localization.
It's been a rough start to the year for Tesla as it announces its first recorded annual sales decline, a staggering 71 percent drop in profit.
Tesla execs sent a panicked letter to the USTR, expressing concern over 'disproportionate impacts' on their bottom line due to tariffs.
Even with aggressive localization of the supply chain, certain parts and components are difficult or impossible to source within the US.
Past trade actions by the United States have resulted in immediate reactions, including increased tariffs on EVs imported into targeted countries.
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