The plunge in sales reflect the gains for Chinese EVs, boosted by the troubles at Tesla and the dislike of Musk among those unhappy about his support for conservative causes.

The company has devoted resources to autonomous driving rather than developing new models to attract car buyers.

The poor showing is a considerable setback for investors, particularly as it follows Tesla's billionaire CEO, Elon Musk, having previously promised a "major rebound" was imminent. That assurance had recently fuelled a buying frenzy among shareholders.