Tesla is too important to fail. That means Musk has to go.
Thanks to multiple rounds of prohibitive tariffs imposed
But they can buy Teslas. Unfortunately, that appeals to fewer people than it used to, because Musk has tainted Tesla's brand.
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From Boston to San Francisco to Ann Arbor, Mich., where I live, regular protests are taking place at Tesla dealerships, with marchers toting signs reading, 'Boycott Tesla' and 'Fire Musk.' Dealers have hired security guards to keep their driveways clear.
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Only a few years ago, Tesla's new vehicles attracted a different crowd. Musk's avid bro fan base placed thousands of preorders, while eager investors drove up the price of Tesla stock, making the company far more valuable on paper than its venerable automotive rivals.
But those days are over. As the pickets have swelled, Tesla's stock has plummeted as much as 50 percent from its
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Its first-quarter results were a disaster. At a company long used to growth, its automotive revenue plunged 20 percent,
The slant-sided Cybertruck generates snickers. Some owners have dumped their Teslas and others have
Even a cringeworthy sales pitch by Donald Trump on the White House driveway didn't help.
'There's only one person to point the finger of blame at,' says Robby DeGraff, the manager of product and consumer insights at AutoPacific, a research firm that tracks industry trends. 'It's time for the automaker to clean house.'
The mess is a shame. As America's flagship EV company, Tesla is worth saving. It's about something larger than Musk, who didn't invent this line of cars — he joined the company when it was already a going concern. America cannot stall in joining the rest of the world in shifting away from gasoline-powered cars.
And whether we like it or not, Tesla is still the best option for EVs. Detroit's big three automakers collectively held about 15 percent of the EV market in 2024, less than one-third of Tesla's 48.7 percent share,
Smaller brands like Rivian and Lucid have yet to get liftoff. A
To keep Tesla moving forward, Musk can't go back. In fact, he needs to stay as far away from Tesla as possible.
It may be a tall order to oust him. He's
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Other big shareholders include major institutions such as Vanguard Group, BlackRock, and State Street, which hold shares on behalf of their clients. None of them individually has enough shares to outvote Musk.
But pressure from ultrarich customers could prompt them to act.
Companies have dumped auto chieftains before. William Durant, the founder of General Motors, was ousted twice over financial issues, first in 1910, and again in 1920 after he returned for a few years.
In 1945, Ford founder Henry Ford, then in his 80s, stepped aside for his grandson, Henry Ford II. Three decades later, Henry II demoted company president Lee Iacocca, supposedly declaring, 'Sometimes you just don't like someone.'
Iacocca, of course, went across town to ailing Chrysler and led one of the most legendary comebacks in corporate history. He negotiated union concessions and a federal bailout, set new products in motion, and became the face of the company in the 1980s, promising rebates to customers who would 'buy a car, get a check.'
Tesla now needs an Iacocca — an executive who can cancel out the damage.
It would help if that leader knew how to run a car company and believed in electric vehicles. In fact, there's one sitting in Detroit: General Motors CEO Mary Barra. She has
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She may not have the bluster of an Iacocca or any interest in leaving GM. But righting Tesla and putting the spotlight back on its EVs could be a terrific next career act for some effective executive, if not Barra specifically. It could ensure that America stays in the global EV race and grabs attention at the Shanghai shows of the future.
Musk did not start Tesla. He should not be allowed to finish it off.
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