Tesla shares were sliding nearly 5% in midday trading. Tesla’s stock (Nasdaq:TSLA) moved lower once again Monday, falling almost 5% in midday trading, the continuation of a fairly steady decline since Donald Trump took office.

President Donald Trump's decision to impose tariffs on goods from China and Canada has resonated widely in the market. According to CNBC, Tesla and Apple recorded drops in their 5% and 3% stock values,

Tesla posted lower sales across five European countries in January, including the United Kingdom and France, as competitors with newer models gained on the electric vehicle maker and polls show public opinion souring on CEO Elon Musk.

Tesla Inc. registrations plummeted 63% last month in France, the European Union’s second-biggest market for battery-electric vehicles.

When we compare Tesla’s performance to the same period last year, the American automaker is down in every single market, and it has delivered about half as many vehicles as last year: Several media outlets are linking this sharp decline to a similar decline in the approval of Tesla CEO Elon Musk in those same markets.

Tesla sold 203,221 vehicles in California last year, down from 230,010 in 2023. Due to the decline in sales, Tesla’s market share dropped from 60.1% to 7.6%. The Model Y was California’s best-seller, delivering twice as many units as the RAV4.

While other business factors also came into play, Tesla likely lost business in California as a result of the role Elon Musk played in the U.S. election.

Tesla's electric-vehicle registrations in California fell about 12% last year, according to industry data, indicating mounting challenges for the automaker in the key U.S. market. While high interest rates,