Is Tesla losing its charge? The electric car company dropped in value as its CEO ramped up his involvement in the Trump administration.

Consumer sentiment appears to be shifting. Sales of new Teslas in Europe dropped 45% in January, while U.S. data shows a record high in Tesla trade-ins. Significantly, many of those trade-ins were not applied toward the purchase of another Tesla vehicle.

Tesla recorded 336,681 deliveries, its worst quarterly performance in more than two years as the brand suffers a backlash to CEO Elon Musk’s political