Second-quarter vehicle deliveries are forecast to see one of the company’s biggest ever year-over-year declines and the Senate version of Trump’s budget bill phases out EV tax credits.

Tesla shares dropped by nearly 5 percent in premarket trading following the president’s rant and fell further once the market opened. As of 10 a.m. ET Tesla shares had fallen below $300 to sit at $294.72. It is the latest setback for the troubled auto manufacturer which has seen its stock value crater in value following Musk’s foray into politics.