Tesla Inc. (NASDAQ:TSLA) has been expelled from the Vancouver International Auto Show by authorities due to safety concerns.
What Happened: Tesla’s display was removed from the auto show, that kicked-off on Wednesday, by the event organizers after the company was provided multiple opportunities to withdraw on its own. According to a spokesperson for the auto show, the decision was taken with the safety of attendees, exhibitors, and staff in consideration, reported CNN.
This action follows a series of protests against Tesla in various U.S. and Canadian cities. Earlier this week, an individual vandalized multiple Tesla vehicles at a repair facility in Las Vegas, an incident that the FBI is currently investigating as a potential act of domestic terrorism.
Elon Musk, Tesla’s CEO, recently made controversial remarks about Canada, which have sparked outrage. Musk, who is a Canadian passport holder, stated on his social media platform, X, that Canada “is not a real country,” leading to a petition to revoke his citizenship that has collected more than 375,000 signatures. Musk later deleted the post.
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Why It Matters: According to CNN, the Vancouver International Auto Show attracted over 130,000 attendees last year and is one of North America’s premium auto exhibitions. The removal of Tesla from such an event can be damaging to its brand image.
This incident comes on the heels of Tesla’s electric vehicle charging stations and home batteries being excluded from rebates in the Canadian province of British Columbia. BC Hydro, a Crown-owned utility, offers rebates on eligible battery storage systems and EV chargers, but since March 12, Tesla products have been excluded from these rebates.
On top of this, Tesla is dealing with falling sales for the first time due to growing competition and backlash over Musk’s role in the Trump administration. In January, the company posted a decline in its annual sales for the first time in a decade. Also, the company’s shares have plunged more than 33% over the past 30 days alone.
The exclusion from the auto show and the rebate program, coupled with the recent protests and declining sales, indicate a challenging period for Tesla, particularly in Canada.
Tesla holds a momentum rating of 81.8% and a growth rating of 55.07%, according to Benzinga's Proprietary Edge Rankings. The Benzinga Growth metric evaluates a stock’s historical earnings and revenue expansion across multiple timeframes, prioritizing both long-term trends and recent performance. For an in-depth report on more stocks and insights into growth opportunities, sign up for Benzinga Edge.
- READ MORE: Tesla Owners Call On Elon Musk For Advanced Security Features Amid Rising Vandalism: ‘There Definitely Is Fear Right Now’
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
