Honk If You Hate Elon: UK Boycott Sends Tesla Sales Into Reverse Gear

British drivers are slamming the brakes on Tesla purchases in a protest against Elon Musk's polarizing leadership.

Consumer Backlash Accelerates

Showroom traffic stalls as 'Honk if You Hate Elon' sentiment gains traction across UK motorways. Tesla's quarterly numbers confirm the trend—registrations drop double-digits while competitors gain market share.

Brand Damage Control Falters

Dealerships scramble to distance local operations from Musk's controversies. Marketing teams emphasize British employment stats and sustainability credentials, but rebranding efforts hit roadblocks with skeptical consumers.

Financial analysts note the irony—Tesla's valuation still rides on Musk's cult of personality, even as that same factor drives away customers. Another case of Wall Street betting on drama over fundamentals.

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Product Mix

According to newly published accounts revenues at Tesla Motors in the UK fell from £2.47 billion to £1.95 billion during 2024.

The division’s pre-tax profit also fell from £32 million to £19.4 million over the same period.

From car sales, Tesla’s revenue fell from £1.9 billion to £1.6 billion while its earnings from selling energy generation and storage also declined from £336.3 million to £135.6 million.

However, the UK arm of Tesla still issued a dividend of £67m to its U.S. parent company.

Tesla said that the numbers had been “solid” and blamed the sales drop on “product mix and incentive programmes,” alluding to its ageing model lineup and its use of discounting.

A statement signed off by the board said: “The company continued on from last year’s record sales, with a solid number of cars sold, slightly exceeding prior year quantities. With the introduction of new products, we expect the number of vehicles delivered to grow in 2025.”

Reputational Blow

Earlier this week the European Automobile Manufacturers’ Association (ACEA) revealed that Tesla’s EU sales fell 36.6% to 8,220 cars, cutting its market share from 2% last year to 1.2%.

Tesla has also suffered sales pain in other parts of the world with some analysts suggesting that chief executive Elon Musk’s flirtation with right wing politics has damaged the company’s reputation and put off potential buyers.

He had a prominent role in President Trump’s administration as head of the Department of Government Efficiency, but that relationship ended sourly after only a few months.

In the U.K. Musk recently took part in a right-wing rally in London, calling for the current Labour government to go and for a “dissolution of Parliament.”

He added: “Whether you choose violence or not, violence is coming to you. You either fight back or you die, that’s the truth, I think.”

It’s led to some car-owners putting stickers on their Tesla’s stating: “I bought this before Elon went crazy” and protesters outside Tesla’s offices in Britain urging passing car drivers to “Honk if you hate Elon.”

This sentiment has also crossed over to investors with the Tesla share price experiencing huge volatility this year – see above.

Is TSLA a Good Stock to Buy Now?

On TipRanks, TSLA has a Hold consensus based on 14 Buy, 12 Hold and 8 Sell ratings. Its highest price target is $548. TSLA stock’s consensus price target is $327.90, implying a 22.55% downside.