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Tesla shares have dropped over 9% following a significant decline in EU and UK sales in January, leading to the company’s valuation falling below $1 trillion for the first time since November 2024. The sales slump is attributed to increasing competition from Chinese manufacturers like BYD and potential backlash against owner Elon Musk’s controversial political stances. Musk’s political affiliations and behavior may be alienating potential buyers, contributing to the decline in Tesla’s share price despite previous boosts from his relationship with former US President Donald Trump. Market uncertainty around interest rates and Trump’s tariff plans are also affecting Tesla’s performance.
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