Elon Musk, the company’s chief executive, is fast losing out to Chinese electric carmakers in Tesla’s second-most-important market.

Tesla’s bad start to the year keeps getting worse. The EV maker’s shares sank over 15% on Monday, bringing its total 2025 losses to over 40%. Monday’s plunge erased about $127 billion from the carmaker’s market value. Tesla has now lost all its gains since November’s election of Donald Trump to the presidency.

Elon Musk kicked off his appeal to try to restore his $56 billion payday from Tesla on Tuesday, claiming a lower court judge made multiple legal errors in rescinding the record compensation. The 2018 pay package resulted in spectacular growth for the electric vehicle maker and yet it was determined by the lower Court of Chancery to be unfair to shareholders,