The stock of Elon Musk’s Tesla (TSLA) is rising today — but that probably won’t be enough to prevent it from logging its worst month ever, as the post-election rally disappears and the automakers’s market value holds below $1 trillion.

The shares are down about 27% so far in February, as weakening U.S. consumer spending and uncertainty about tariffs and policy changes make equity investors increasingly anxious. The stock’s worst ever month was December 2022, when it declined 37%.

“The real difficulty with any stock that is as richly valued as Tesla is to be able to call a floor,” Steve Sosnick, chief strategist at Interactive Brokers, told Bloomberg. “Since Tesla has defied conventional valuations for so long, a bottom is more about investor sentiment than the normal metrics that value investors might use.”

This week’s decline, of about 15%, was driven in part by a report on Tuesday from the European Automobile Manufacturers’ Association that showed Tesla’s sales in the EU fell 45% in January, even as the EV market surged. The company’s earnings last month were also disappointing.

Musk’s political activities — including as effective head of President Donald Trump’s Department of Government Efficiency — may be alienating potential car buyers, according to analysts. Musk also recently endorsed the far-right Alternative for Germany party and participated in an online campaign to convince U.K. officials to release far-right agitator Tommy Robinson.

—William Gavin contributed to this article.

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