Electric vehicle (EV) king Tesla (TSLA) staged a late 2024 rally as CEO Elon Musk solidified himself as one of President Donald Trump’s key allies, securing a leadership role in the newly created Department of Government Efficiency.

White House press secretary Karoline Leavitt said Elon Musk's conflicts of interest will be monitored and addressed by the Tesla CEO himself. The theory is likely to be tested as Musk's private companies like Tesla and SpaceX have reportedly been paid billions over the past decade for government work.

In an effort to slash government spending, President Trump has asked the world’s richest man, Tesla CEO Elon Musk, to lead his Department of Government Efficiency (DOGE). In turn, Musk and his team have spent the first few weeks of Trump’s second term waging a largely unchecked war on the federal bureaucracy.

Tesla’s (TSLA) sales in Germany plummeted 59% in January after only 1,277 new cars were registered, the lowest monthly total since July 2021.

Tesla Inc.’s sales plummeted 59% last month in Germany, adding to indications that Chief Executive Officer’s Elon Musk political activities are hurting the carmaker’s business in major electric vehicle markets.

Tesla sales plunged in Germany last month, official data showed Wednesday, after billionaire owner Elon Musk waded into the country's election campaign by vocally backing the far right.