Maybe Elon Musk should make a stop in Paris.
The Tesla (TSLA) chief executive and former head of the Department of Government Efficiency has been on what analysts have described as an apology tour after his much-publicized falling out with President Donald Trump.
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Musk said on his X social-media platform that he regretted some of his posts about Trump, saying “they went too far.”
Yeah, you could probably say that, seeing as how Musk said Trump’s One Big Beautiful budget bill was a “disgusting abomination”; called for Trump to be impeached; said the president wouldn’t have been elected without him; and implied that Trump’s name was in Justice Department files regarding the convicted pedophile Jeffrey Epstein.
In response, Trump said Musk had “lost his mind.” The president threatened to cancel Musk’s government contracts, which have been valued at roughly $38 billion.
Musk reportedly called Trump and deleted some of his nastier posts, including the impeachment comment and the Epstein accusation.
Elon Musk now says he regrets some of his comments about President Donald Trump.
Kevin Dietsch/Getty Images
Tesla Robotaxi spotted in Austin
Meanwhile, a coalition of 10 Tesla owners in France is suing Tesla over Musk’s former role in the White House and support of the far right in Europe, Politico reported.
“They don’t want to be associated anymore with Tesla or personified by Elon Musk and his recent political stances,” said Ivan Terel, a partner for GKA, a Paris law firm representing the owners.
GKA filed the suit in the Paris Commercial Court on Wednesday, seeking to have the vehicle leases voided and for its clients to be repaid the original cost of ownership, plus other damages.
Tesla sales have tumbled across Europe after Musk spoke at a rally for the far-right Alternative for Germany (AfD) party in January, telling the crowd it was time for Germany to “move on” from its Nazi past. The remarks sparked calls to boycott the EV brand.
Related: Analysts turns heads with surprise Tesla rating ahead of Robotaxi launch
This is all going on as Tesla gets ready to launch the long-awaited Robotaxi, the company’s autonomous ride-hailing service, which Musk said is slated tentatively to begin on June 22.
A Tesla Robotaxi has been spotted on Austin streets, according to a video posted on X and reshared by Musk, according to NBC News.
The 10-second video showed the Tesla slowly turning left off an avenue in the state capital, as two pedestrians walk in a crosswalk just ahead.
No one appeared to be in the driver’s seat, but someone appeared to be in the front passenger’s seat, while the rear windows were tinted, NBC said.
Analyst urges investors switch from TSLA to 2 names
Tesla stock has been climbing recently after Musk buried the hatchet with Trump. The company’s shares are down about 19% year-to-date but up about 91% from this time in 2024. At last check on June 12 the shares were trading around $326.
Investment firms have been issuing research notes on Tesla, including Piper Sandler analyst Alexander Potter. He affirmed an overweight rating with a $400 price target on the company and contended that the stock will likely sustain its upward momentum over the coming weeks.
Related: Tesla faces new challenge as leader announces exit
Piper warns, however, that any high-profile robotaxi accidents would likely be met with “violent downside,” according to The Fly.
Wells Fargo said most of Tesla’s May delivery results are now public. It noted that global deliveries once again were trending meaningfully weaker, with May trending 23% lower from a year earlier and second-quarter-to-date trending down 21%.
The investment firm rates the shares underweight with a price target of $120.
And JP Morgan analyst Ryan Brinkman recommended selling Tesla shares and buying stock in auto-supply companies Aptiv (APTV) and BorgWarner (BWA) .
The JP Morgan analyst said he saw an opportunity in U.S. auto-supplier shares. He said they have underperformed those of the U.S. automakers since the Trump administration unveiled its tariff policy.
That market weakness came even though headwinds from the Trump administration’s tariffs and other regulatory changes appeared “much more benign for suppliers than for automakers,” Brinkman wrote.
Tesla and electric-vehicle maker Rivian (RIVN) are less affected by tariffs than General Motors (GM) and Ford (F) are, Brinkman said.
But he also warned that planned legislative cuts to electric-vehicle subsidies could cut substantially into both EV makers’ profits.
Such subsidy cuts have been advancing in Congress alongside the president’s actions on tariffs and subsequent trade negotiations, the analyst said.
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