Tesla Inc. shares fell 8.3% to $390 on Thursday, extending a sharp sell-off that began the previous session.
The decline came even after the electric vehicle maker reported record second-quarter deliveries of 480,126 vehicles, a figure that had initially sparked optimism among bulls.
However, the market's focus quickly shifted to the company's deteriorating profitability, with profit falling significantly despite the sales rebound.
This divergence between volume and value has become a central theme for investors, who are increasingly demanding evidence of margin stabilization alongside growth.
The sell-off erases earlier gains from Tuesday, when shares had surged on the delivery beat before succumbing to profit concerns.
This marks a continuation of the volatility seen in recent weeks, where Tesla's stock has swung wildly on mixed signals from its operational results.