Tesla (TSLA) stock rose sharply on the last day of February, but it wasn’t enough to stem losses of nearly 28% for the month.

Stock closed today at $293.05, up nearly 4%.

It was Tesla’s second-worst month on record, only eclipsed by the 37% loss the stock suffered back in December 2022, as noted by Barron’s Al Root. This comes as the S&P 500 (^GSPC) dropped only 2% for the month.

Tesla’s slide after its massive run-up following Trump’s election win has been a swift one. After hitting a closing high of $479.86 in mid-December, Tesla stock has nearly given up all its post-election gains, a loss of nearly 40%.

This week saw new worry for Tesla’s demand picture. Only 9,945 Tesla EVs were registered in Europe this January, down from 18,161 last year, per the European Automobile Manufacturers’ Association. Meanwhile, overall electric vehicle sales jumped 37.3%, indicating that EV demand was strong, but just not for Tesla.

While new competition ate into Tesla’s sales, there is also the effect of CEO Elon Musk and his foray into politics.

Musk’s support for Germany’s far-right Alternative for Germany (AfD) party is controversial in the country, where AfD secured the second-most seats in Parliament last weekend. Musk also made a hand gesture at a political rally in the US last month that many saw as a Nazi salute, though Musk refuted the claim. And Musk’s call for jailing UK Prime Minister Keir Starmer isn’t helping the Tesla CEO's image in Britain either.

Musk’s involvement in the US and connection to the White House with the DOGE initiative is proving worrisome for Tesla investors as well. Protests at Tesla showrooms across the country this month, along with blowback from the firing of government workers prodded by DOGE, have many hurling criticism at the Tesla CEO and GOP lawmakers.

Recent surveys show that many voters disapprove of Musk's actions, with a Quinnipiac poll from late January finding that voters oppose Musk playing a prominent role in the Trump administration by a 53% to 39% margin.

With a terrible February behind it, Tesla is hoping optimism from the company’s robotaxi initiatives and the long-awaited debut of its cheap EV will get the stock back on track.

Tesla’s first quarter delivery report is also due out in about a month’s time, which could see a boost from the refreshed Model Y going on sale in March.

New data, and at the very least Musk’s eventual return to Tesla’s HQ, should help alleviate the concern coming from his political critics, as well as weary Tesla investors. The numbers will eventually tell the story.