Tesla shares were obliterated Thursday, dropping more than 13% after an explosive back-and-forth between CEO Elon Musk and President Donald Trump. The decline wiped out billions in market cap and erased most of the EV maker’s gains from May.

Tesla’s technical weakness is compounded by deteriorating fundamentals, with global demand continuing to slide. In May, sales in China fell 15% year-over-year and German sales plunged 36%, contributing to an estimated 9% drop in Q2 deliveries to 404,850 units.

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