Tesla shares plunged as much as 10% in early trading Thursday as investors digested another dismal quarter of car sales – and CEO Elon Musk’s admission that slump may not end anytime soon.

Tesla's chief financial officer, Vaibhav Taneja, said that President Donald Trump's tax bill could affect the availability of its cars.

Tesla is facing stiffer competition globally from electric vehicle players, especially low-cost competitors from China.

Investors knew electric vehicle (EV) sales have been slumping for Tesla ( TSLA -8.44%). The EV leader announced a 13.5% year-over-year drop in second-quarter deliveries on July 2. Yet the stock is tanking today after Tesla reported its full second-quarter financial update today.

Tesla shares are down in premarket trading Thursday as more disappointing sales data is dragging on the stock along with the lackluster second-quarter earnings report Tesla released after the closing bell on Wednesday.

Tesla shares fell 8% on Thursday after the company reported its second consecutive quarter of declining auto sales and missed revenue estimates, according to CNBC. Automotive revenue dropped 16% year over year to $16.

Tesla's shares price declined 1.74% for the week on Friday, two days after posting declining profits for a third straight quarter amid increased competition and a pending loss of federal tax credits.

Tesla reported another quarter of reduced profits after Elon Musk’s stint in the Trump administration. The president’s tax bill creates new business challenges.

At the risk of sounding like investing guru Cathie Wood, Tesla (NASDAQ:TSLA) has a clear path to be a $20 trillion stock. The pioneer in electric vehicles (EVs) and sustainable energy has transformed the automotive industry since its founding 22 years ago,