Tesla shares headed for their steepest slump since January after the electric vehicle maker reported weaker-than-expected quarterly earnings and another drop in automotive revenue.

The stock fell 11% as of late Wednesday morning to $219.58. It’s now down 12% for the year, while the Nasdaq is up 17% over that stretch.

Tesla on Tuesday said auto revenue declined 7% from a year earlier to $19.9 billion while margins also fell. Total revenue increased 2% to $25.5 billion.

The company has been forced to slash prices globally and offer discounts and incentives as it faces slowing sales and rising competition, especially in China.

Tesla remains the top seller of electric vehicles in the U.S….