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Germany's big retail chain Dirk Rossmann GmbH will no longer buy Tesla Inc cars for its fleet, citing Musk's support for former U.S. President Donald Trump.

Rossmann announced the decision in a statement on Tuesday, August 6, Eastern Time. The company has more than 62,000 employees and more than 4,700 branches in Europe.

The closely held company said that while it will continue to use its existing Teslas for sustainability purposes, future car orders will shift to other manufacturers and models.

Raoul Rossmann, son of company 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, an attitude that stands in stark contrast to Tesla's mission to contribute to environmental protection through the production of electric vehicles."

Last month, Musk publicly endorsed Trump on the social media service X, minutes after the former President's assassination. Musk later confirmed that he was donating to super PACs supporting Republican candidates.

The surge in Japanese stocks on Tuesday boosted global market sentiment. Major U.S. stock indexes rebounded more than 1% overnight, with technology stocks rebounding significantly. Tesla's stock price fell more than 3.1% to $192.67 in early trading, approaching its intraday low of $182 since June 21, which was set on August 5. It now turned positive during the session.