US president Donald Trump has performed one of his biggest backflips yet, buying an electric vehicle that he had described as “unusable” and “evil” from Tesla, in what appears to be a desperate attempt to arrest the flagging fortunes of his “first buddy” and presidential co-pilot Elon Musk.
In bizarre scenes in front of the White House, Trump and Musk, in what has been described as a presidential “infomercial” for his biggest donor, the pair showed off a range of Tesla vehicles – the Model Y, Model 3, Model S and the Cybertruck.
Trump pledged to buy a Model S Plaid – at the regular ticket price – and then described the growing and widespread protests and boycott of Tesla cars as “illegal”, and attacks on Tesla dealerships as domestic terrorism.
It was not the only backflip of the day. Former Fox broadcaster and now Trump booster Sean Hannity, a relentless critic of “woke” EVs, also went out and bought a Tesla Model S Plaid, which he boasted could get from 0 to 100 kmh in just two seconds – which is not as woke as it might sound.
The interventions follow the biggest ever single day share price fall in Tesla – it lost 15 per cent of its value and $US120 billion off its market cap on Monday as the company extended its free-fall from a post election win peak of $US488 a share to just $US222 a share.
Trump has been a huge critic of EVs, describing them as “unusable” and falsely claiming they need to be recharged every 15 minutes. He has also claimed that they are all made in China (Tesla EVs sold in the US are made in the US), and has announced the scrapping of EV rebates, support of EV charging infrastructure and the dismantling of existing networks.
Musk has admitted that these policy decision benefit his company most, as it dominates the US EV market, has a massive head start in technology and know-how against his rival US car manufacturers, and has already built the best EV charging network.
Hannity has been a fierce critic of EVs, saying that they cause more pollution that petrol and diesel cars, and has railed against EV incentives which he describes as a tool of the “climate alarmists religious cult.”
However, Tesla shares have been hit by a visible consumer pushback against Tesla EVs. Sales have slumped across Europe, and in Australia. Part of that slump can be sheeted home to inventory levels and some consumers waiting for the refreshed Model Y, but there seems little doubt that consumer boycotts are also taking their toll.
The purchase of Tesla EVs by the likes of Trump and Hannity signal that the consumer profile of Tesla buyers may also about to change, from mostly “woke” folk that supported Musk’s former campaign to stop fossil fuels and save the planet, but who are now changing their minds as Musk does a backflip on climate science and suggests we move to another planet.
In their place come the “tech-bro” gang and right-wing supporters who admire his technology and efforts with Tesla, Starlink and SpaceX, and who applaud his assault on government “waste”, and institutions such as universities, the judiciary and the legacy media.
Musk is certainly hoping the strategy works. On X, he promised that Tesla would double US production over the next two years.
In the case of Trump, the Model S will be unusable, at least for him, because the secret service will not allow him to drive. So the Model S will be used by his staff instead, and the president will have to content himself with his electric golf buggy.
“I just wanted to make a statement,” Trump said. “Now, here’s the bad news. I’m not allowed to drive, because I haven’t driven a car in a long time. And I love to drive cars, but I’m going to have it at the White House, and I’m gonna let my staff use it.”
Giles Parkinson is founder and editor of The Driven, and also edits and founded the Renew Economy and One Step Off The Grid web sites. He has been a journalist for nearly 40 years, is a former business and deputy editor of the Australian Financial Review, and owns a Tesla Model 3.