Shares of Tesla (NASDAQ: TSLA) are trading lower on Tuesday. The company's stock had lost 7.5% as of 10:30 a.m. ET and as much as 8% earlier in the day. The drop comes as the S 500 lost 1.9%, and the Nasdaq Composite lost 2%.

The electric vehicle (EV) pioneer is seeing its sales in the critical Chinese market drop significantly.

Preliminary data from China's Passenger Car Association showed a precipitous drop in shipments from Tesla's factory in Shanghai for the month of February. The company delivered just 30,688 vehicles, down 49% year over year from last February's 60,172 vehicles. The figure is also down month over month with Tesla shipping 63,238 vehicles in January.

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Source Fool.com