The disappointing figure still comfortably cleared its Chinese rival, though. BYD said on Monday it sold about 300,000 vehicles over the same period, representing a 43% decline from the last three months of 2023.

Both companies have struggled this year amid signs that drivers are souring on electric cars and instead opting for cheaper hybrids.

Before Tuesday, Tesla’s stock price was down about 30% year-to-date, in a sell-off that’s reduced its value by some $230 billion. The slide has caused some to question whether Musk’s company deserves its spot in the “Magnificent Seven” group of mega-cap tech stocks.

Shares fell another 6% at the opening bell as investors reacted to the weaker-than-expected delivery numbers.

Meanwhile, BYD’s Hong Kong-listed shares have slipped 6% in 2024, dragged down by the Warren Buffett-backed company missing its annual profit targets.

Investors also worry that the company could eventually lose market share to rivals, including Xiaomi, which just launched its first EV.