Tesla sales have been sliding all year, with each report of declining deliveries creating fresh headwinds for the stock.
In February, a report said that Tesla sales were down 45% year-over-year in Europe, causing the stock to drop 8% in a single day.
In March, a separate report said that Tesla sold 30,688 EVs in China the prior month, a 49% year-over-year drop. The stock plummeted 18% from March 4 until it hit its low on March 10.
In April, the company reported that it delivered 336,700 EVs in the first quarter, reflecting a 13% year-over-year drop. Tesla—under pressure alongside the broader market, which was reacting to Trump’s tariffs—dropped 41% from April 2 until the stock troughed on April 8.
In the second quarter, Tesla reported it delivered 389,400 vehicles, a 13.5% year-over-year decrease, though shares rose amid the market’s broader rally. A few weeks later, it reported revenue of $22.5 billion, marking its biggest year-over-year decline in at least a decade.
Demand for Teslas has weakened as Musk has become more embroiled in US politics. Tesla investors have long called on Musk to sharpen his focus on his car company.