Displeased with Musk's support for Trump, German retail chain says it will no longer buy Tesla

German retail chain Dirk Rossmann GmbH will no longer purchase cars from Tesla for its fleet, citing Musk's support for former US President Trump.

On Tuesday, August 6th, Eastern Time, Rossmann announced this decision in a statement, with over 62,000 employees and more than 4,700 branches in Europe.

The company, with concentrated shareholdings, stated that while it will continue to use existing Teslas for sustainability purposes, future car orders will shift to other manufacturers and models.

Raoul Rossmann, son of the company's founder Dirk Rossmann, said in the statement:

"Musk has made no secret of his support for Trump. Trump has repeatedly described climate change as a hoax, a stance that sharply contrasts with Tesla's mission to contribute to environmental protection through the production of electric vehicles."

Last month, shortly after former President Trump survived an assassination attempt, Musk publicly supported Trump on the social media service X. Musk later confirmed that he was donating to a Super PAC supporting Republican candidates.

Stocks surged on Tuesday, boosting global market sentiment, with major US stock indices collectively rebounding by over 1% overnight, and tech stocks notably recovering. Tesla's stock price initially fell by over 3.1% to $192.67, approaching the intraday low of $182 on June 21st set on August 5th, before rebounding during trading hours.