Joeri de Wilde: European Tesla-shame gives hope
This column was originally written in Dutch. This is an English translation.
By Joeri de Wilde, Senior Economist at Triodos Investment Management
European Tesla-shame may seem mainly symbolic, but it does have an impact. This hurts Elon Musk where it hurts most, which is via the stock market. It is also a clear signal to European leaders not to leave sustainability to a few large private companies.
Since Donald Trump's victory, I have suddenly noticed how antisocial Amsterdam's Tesla drivers are. They don't stop at crosswalks and cyclists have to make sure they get out of the way. Have they really become more antisocial, or am I only now noticing them?
European Tesla-hatred
The monstrous alliance between Tesla CEO Elon Musk and Donald Trump seems to have sparked antipathy among more Europeans. Import tariffs, support for far-right European political parties, a nazi salute and undisguised EU hatred have not done the reputation of the richest man on earth any favors. Partly as a result of this, European sales of Teslas (now also known as swasticars) fell by 43% in the first two months of 2025 (compared to the same period in 2024), while sales of electric cars in Europe as a whole increased by 31%.
Some European drivers who already owned a Tesla are becoming uncomfortable. In the United Kingdom, a record number of second-hand Teslas are now being offered for sale, and in the Netherlands, it seems that 40% of Tesla drivers are 'a little ashamed' and 31% would like to get rid of their Tesla. The American protest movement Tesla Takedown is also organizing protests at Tesla showrooms in Europe. Less legitimately, Tesla cars are also increasingly the target of vandalism.
Listed tech giants are sensitive to damage to their reputation
The effect of the worldwide anti-Tesla movement cannot be underestimated. Due to the damage to its reputation, the price of Tesla shares has plummeted by over 45% since the end of last year. This could get Musk into trouble, for example because he uses Tesla shares as collateral for loans. If his shares lose even more value, the banks may demand that he sell them (in part). This will cause the price to drop even further, which will in turn hamper his ability to obtain new financing. A falling Tesla share price could therefore send Musk into a downward spiral.
The fact that Trump recently felt compelled to publicly buy a Tesla from Musk on the White House driveway and that Musk urged employees not to sell their Tesla shares shows how important Tesla's share price is to Musk. Trump and members of his administration may have accepted the temporary drop in the stock market because they are in the middle of a 'transition period', but the question is how long Musk and the other tech billionaires can bear this pain.
This is good news for Europe, now that the American government and tech giants are putting our democratic rule of law under pressure. It shows that European citizens can stand up to these oligarchs through consumer behavior and activism.
Don't become more sustainable at any cost
In addition, the anti-Tesla sentiment is a warning to European leaders who are rushing to make our economy more competitive and sustainable: don't do this the American way! Make sure that all power does not end up in the hands of a few large private (tech) companies, allowing non-democratically elected figures such as Elon Musk to de facto call the shots. And pay close attention to who benefits from the sustainability transition. So no subsidies for overpriced, oversized and overweight electric cars like the Tesla, but rather start small and support the less well-off citizen.
By working carefully and with respect for the constitutional state, you distinguish yourself from authoritarian leaders who are calling the shots in more and more places. Last month we already got a taste of the reward that can follow if you stand firm for democratic values: the European stock markets had the highest influx of foreign money in a decade.
The European Tesla-shame is therefore by no means gratuitous. It sends a clear message that we as Europe will continue to fight for the democratic constitutional state and that we can indeed hurt those who attack our values.