The Wedbush analyst says Musk’s DOGE fallout could cause permanent brand damage to Tesla.
Transcript:
CAROLINE WOODS: In terms of the DOGE fallout how much brand and reputational damage do you think was done to Tesla? How long does it take to recover from that? And how big of a risk is Musk not necessarily playing nice with President Trump?
DAN IVES: Yeah look 5% to 10% probably permanent brand damage in terms of, 5% 10% of maybe consumers that will never buy a Tesla, right? I think that will ultimately fade some of that within the US, which is why it speaks. It was so important for Musk to distance himself from Trump and DOGE. I think Europe, the brand issues are probably more damaging than maybe in the US, and I think we’re seeing that in some of the numbers. But look, I mean, it happened, right? I mean, DOGE took on a life of its own. And I think, you know, Musk recognized that. I do believe when it comes to Trump, there’s a cordial relationship. I think I do think they become kind of friendly, you know, slowly again. I don’t view that as a negative. I think Trump is going to continue to be a supporter of autonomous, the Musk vision. But look, this is going to be some work ahead, right? Especially when it comes to brand and some of the issues that they’re having in Europe, in us as well as in China.
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