Tesla registered fewer cars in California in all four quarters of 2024, as sales of its second-most important model plunged 36% for the year.

The electric-vehicle maker’s sales in by far the biggest EV market in the US fell almost 8% in the fourth quarter and 12% for the year, according to data sourced by the California New Car Dealers Association. Annual registrations of the Model 3 sedan dropped by more than a third.

Tesla’s registrations declined despite the company adding a fifth model — the polarizing Cybertruck — to its lineup last year. While more common business factors also came into play, including changing over the Model 3 sedan early in the year, the company likely lost some business in California as a result of the active role CEO Elon Musk played in the U.S. election. Musk, 53, spent at least $288 million to help elect Donald Trump and other Republican candidates during the 2024 cycle.

Tesla did manage to maintain a majority of the state’s zero-emission vehicle registrations last year, although its share dropped to 52.5% from 60.1%. All models across the Austin-based company’s aging lineup fell for the year, with the exception of the Cybertruck, which began selling in late 2023.

Honda Motor Co. and Hyundai Motor Co. were the biggest gainers in the EV segment, adding 1.8 and 1.5 percentage points of share, respectively.

Trump wants U.S. sovereign wealth fund

President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.

Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform.

He said that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.

Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have. In the U.S., more than 20 sovereign wealth funds exist at the state level. The largest ones — based in Alaska, New Mexico and Texas — are financed through revenue that comes from oil, gas and mineral proceeds and used to fund in-state programs, such as education.

Though these funds are owned by governments, they tend to operate as standalone institutions.

Gerber recalls edible teething sticks

The baby food maker Gerber is recalling edible sticks meant to ease teething pain over a possible choking hazard.

The company said Friday that it was recalling and discontinuing its brand of “Sooth N Chew” teething sticks after receiving customer complaints about choking. The company said one emergency room visit had been reported.

The teething sticks are edible teethers marketed to parents and guardians of children six months and older. They come in strawberry-apple and banana flavors. Gerber said it was working with the U.S. Food and Drug Administration on the recall.

Compiled from Bloomberg and Associated Press reports.