Even longtime bull couldn't sugar coat the EV maker's sales figures. "They were a disaster on every metric," wrote Wedbush Securities' Dan Ives.

Tesla sold 78,828 electric vehicles in China in March, down 11.5% year-on-year, according to data from the China Passenger Car Association (CPCA) released on Wednesday. The U.S. carmaker is facing a number of headwinds in China,

Shares of Tesla fell more than 2% on Wednesday as the company recorded a bigger-than-expected drop in sales in the January-March period.

Tesla's first-quarter sales slumped 13%, its weakest performance in nearly three years, as backlash to CEO Elon Musk's embrace of far-right politics grows and as consumers seek out newer models from rival electric-vehicle makers.

Tesla sales fell in the first three months of the year in another sign that Elon Musk’s once high-flying electric car company is struggling to attract buyers.