Donald Trump buying a Tesla to support Elon Musk

US President Donald Trump has said he will buy a Tesla to show support for his ally Elon Musk in the face of plummeting share values and anti-Tesla protests.

Trump, who has been vocal in his opposition to electric vehicles, made the unlikely announcement on Tuesday via his Truth Social platform.

He claimed that Musk, who has been appointed to lead his ‘Department of Government Efficiency’, was “putting it on the line” to help the country and was doing a “fantastic” job.

“I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American,” Trump said.

One of Trump’s first actions in coming to power was to revoke an executive order signed by his predecessor Joe Biden that aimed to ensure that by 2030 half of all new vehicles sold in the US were electric.

Tesla has faced numerous issues since its CEO threw himself behind Trump’s election campaign and agreed to take a role in the Trump administration.

Shares in the US EV maker soared in the wake of Trump’s victory but fell 15% on Monday amid fears that the impact of Trump’s trade policies and government spending cuts could plunge the US into recession.

In the last year, they have halved in value as Tesla struggles with falling sales and profits in the face of rising competition and the increasingly provocative actions of Musk.

Along with his efforts to slash US government spending, Musk has caused controversy by throwing what appeared to be a Nazi salute during Trump’s inauguration and telling supporters of Germany’s far-right AfD party that their country should ‘move on’ from ‘past guilt’.

The actions have prompted protests outside Tesla dealerships in the US, including one in Portland, Oregano, where around 350 demonstrated against the brand’s CEO. They have also seen vigilantes target Cybertrucks and even rival brands poke fun at his erratic behaviour.

They also appear to be having a wider effect. A recent poll found 59% of British drivers were put off Tesla due to Musk’s involvement. New figures from February also showed a 76% year-on-year fall in Tesla sales in Germany where Musk’s actions seem to have had a worsening impact on the brand, even as EV sales have declined.

Even for those who don’t care about Musk’s politics, there appear to be concerns. Investors are worried that his activities in the Trump administration and in running his X social media platform are distracting him from his role as the head of Tesla as it faces a slump in sales and growing competition from China and Europe.