Tesla Inc. shares plunged to their worst day in more than four years, extending a slide in 2025. Its stock tumbled 15% on Monday after UBS Group AG’s Joseph Spak cut delivery projections both for the first quarter and the full year. Spak sees Tesla handing over only 367,000 vehicles this quarter, a 16% reduction from his prior estimate. The stock is down 45% in 2025 and has lost all of its gains since Donald Trump won the US presidential election in November. In China, Tesla is among the manufacturers struggling to keep up with domestic champion BYD Co. Vehicle shipments from the Musk-led company’s plant in Shanghai plunged 49% in February to just 30,688 vehicles, the lowest monthly figure since July 2022. In Germany, for instance, registrations plummeted 70% during the first two months of the year as Musk weighed in on the country’s closely contested federal election. In addition to disruptions related to changing over its most important model to a new design, blowback against Chief Executive Officer Elon Musk is hurting Tesla’s standing in some of the world’s biggest EV markets early this year.