Tesla CEO Elon Musk has had one hell of a year — and it’s only June.
While the billionaire has long touted big ideas and drawn major interest, it’s safe to say that his moves over the last six months have gotten him the most attention.
💵💰Don’t miss the move: Subscribe to TheStreet’s free daily newsletter💰💵
Becoming a special government employee in January and working alongside President Donald Trump was certainly something no one could have seen coming, not to mention founding and running the Department of Government Efficiency.
Musk’s big shift toward DOGE took up a large portion of his attention and caused a problem for Tesla, however. When the company reported its first-quarter earnings on April 22, they showed startling declines, with automotive revenue plunging 20% from a year earlier and net income dropping 71%.
Related: Tesla faces new challenge as leader announces exit
It was obvious Musk needed to make a move. He’s since stepped away from his work with DOGE and fully recommitted to Tesla.
But in his absence from the EV company, its reputation has taken abuse. Many sold off their Teslas after Musk aligned himself with Trump, with used car dealers reporting a massive influx of the vehicles piling up on their lots.
Now Tesla is making a new move to regain customer trust — but it’s not exactly an appealing one.
Consumer sentiment around the once-popular EV brand has declined.
Image source: TheStreet/Getty
Tesla refreshes two key models
Tesla revealed via its X account on the evening of June 12 that two of its models, the Model S and the Model X, are getting a refresh.
More Tesla:
Analyst sets eye-popping Tesla stock price targetFund manager has shocking Elon Musk and Tesla predictionLeaked Tesla policy should infuriate Tesla loyalists
The post lists highlights that include a new Frost Blue paint color, improved Active Noise Cancellation, new wheel designs, a front fascia camera for better visibility, dynamic ambient lighting, new bushings and suspension design to make the ride smoother, and adaptive driving beams.
Model S also gets a range improvement and can now run up to 410 miles on a single charge, making it Tesla’s longest-range vehicle option. It also gets new exterior styling for Model S Plaid.
Related: Tesla sales plunge in key European markets with one shocking exception
Model X also gets a special perk in the form of more space for third-row occupants and cargo.
The upgrades come with a $5,000 price increase per vehicle, which is for both the All-Wheel Drive (AWD) and high-performance Plaid versions of the cars.
That sets both Model S and Model X at a starting price of $84,990 for the AWD and $99,990 for the Plaid.
Related: Top 10 electric cars that aren’t Tesla, based on Consumer Reports data
Tesla customers are not impressed
Customers might have reacted favorably to, say, an announcement of the long-promoted “budget Tesla,” considering the current economic and political climate. But this announcement drew the opposite reaction.
“No steer by wire. No 800V. No additional power. You’re falling behind, guys,” X user Above the Best replied to the announcement.
“Go look at what Rivian, Lucid, Escalade IQ, and EV9 are doing and copy that. People want real three-row SUVs with more range and tech, and this isn’t that,” X user Branden Flasch pointed out.
“Extremely disappointing. Hope this isn’t the major refresh that was being discussed,” X user Pat V. said.
Over on Reddit, the general sentiment was similar disappointment.
“‘Refresh.’ No 48V, no steer by wire, no 800V for faster charging on V4s. They need to get rid of the falcon wings and cut the price by $20K to be competitive with the EV9 and Ioniq 9,” Reddit user Croathlete said.
Related: Tesla’s robotaxi rollout is alarming the public, new report shows
