Hundreds of protests at Tesla showrooms have also weighed on the company. Under the banner of a “Tesla Takedown,” opponents of Musk and Trump’s government policies have targeted the company to try to gain leverage over Musk, and demonstrators have continued to swarm Tesla locations, especially on weekends.

The Tesla brand will likely continue to feel blowback from Musk’s outspokenness on government policies. At the same time, tariff policy stands to hammer margins given Tesla’s exposure to solar panels from China and autos being made outside the US.