Automakers jump on Tesla’s brand woes with discount EV offers

Summary

Tesla trade-ins in the U.S. are at an all time high as some owners become disillusioned with Elon Musk’s politics, and some just want to avoid their car getting keyed by Musk haters. Automakers are pouncing on the opportunity. Polestar, Lucid Motors, Volvo, and Ford — which have long trailed Tesla in EV sales — have taken advantage of the pushback against the brand by releasing conquest bonuses and incentives that challenge a buyer’s brand loyalty. Shortly after Polestar began offering its $5,000 discount, the automaker’s head of sales Jordan Hofmann said the bonus was already a success. “This week saw some of the highest order days for Polestar 3, and the response to our Tesla Conquest Offer has been incredible” Hofmann wrote on LinkedIn. Most of the offers don’t require buyers to actually trade in their Teslas to qualify, though Joseph Yoon, consumer insights analyst at Edmund, says the trend is certainly pointing towards EV owners making the switch due to the automaker’s recent brand devaluation. Musk’s use of his wealth to help elect Donald Trump to office and his subsequent takeover of the federal government via DOGE have led many to associate Teslas with the controversial billionaire. A protest movement known as Tesla Takedown has spread globally. Meanwhile, there has been an increase in vandalism of Tesla property and vehicles. The more violent attacks, which have included arson, have incurred the wrath of President Trump, who vowed to treat such incidents as “domestic terrorism.” Whether a Tesla owner is on the side of the protesters or just doesn’t want someone spraypainting a swastika on their car, Yoon said buyers are willing to get rid of their vehicles at a loss. “What these kinds of conquest bonus programs are capitalizing on is that these guys are going to [trade in their Teslas] anyway. What if we make it a little bit sweeter for them and make sure they come to us instead of a competitor?” Yoon said. On the automaker side, Sean Tucker, lead editor at...