Tesla (TSLA) stock fell as much as 6% Monday, leading Big Tech stocks downward amid investor concerns over President Trump's tariff policies and CEO Elon Musk's government role turning off potential buyers. 

Trump is set to impose 25% tariffs on foreign autos and certain auto parts this week. Although Tesla stands to suffer less than other auto companies from the tariffs, Musk himself has said the impact of the duties on the company is “still significant” and the company is “NOT unscathed.”

Read more about Tesla's stock moves and today's market action.

Even Tesla bull Dan Ives, who has mostly remained positive on the company until recently, noted Monday: “The winner in our view from this tariff is no one....as even Tesla still is clearly hit from these tariffs and will be forced to raise prices.”

Tesla’s drop Monday puts the stock down more than 38% in 2025.

The company is set to release its EV sales numbers for the March quarter on Wednesday. The Elon Musk-helmed company is expected to report deliveries of 390,342 vehicles on average, per Bloomberg data. 

Some analysts expect that number to be lower.

Stifel analyst Stephen Gengaro said Sunday he expects Tesla to report deliveries of 353,418 electric vehicles, while RBC Capital analyst Tom Narayan expects deliveries of 364,000.

Gengaro cited waning sentiment on Elon Musk from Democrats due to his foray into government. There are signs Musk's closeness to Trump, as well as his embrace of right-wing politicians in Europe, has hurt Tesla's brand, with sales slipping in key regions.

Gengaro also suggested customers are waiting for the rollout of a highly anticipated new affordable Tesla model, as well as the new Model Y, hampering sales short term.

ROBIN LEGRAND via Getty Images

“The ramp of the new Model Y, the best-selling car in the world in 2024, is clearly a short-term sales headwind,” Gengaro wrote. “In addition, protests against Elon Musk (damage to Tesla sites, vandalism of customer-owned cars, damage to Superchargers) is a headwind to sales.”

Gengaro lowered his price target on Tesla to $455 from $474 but maintained his Buy rating.

Meanwhile, RBC Capital’s Narayan cited weak sales in China — with competition from Chinese EV maker BYD mounting — and lower demand in Europe due to EU tariffs on Chinese exports.

Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.

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