Shares of Tesla ( TSLA -8.39%) are trading lower on Tuesday. The company's stock lost 7.3% as of 10:45 a.m. ET and lost as much as 7.6% earlier in the day. The drop comes as the S&P 500 lost 0.9%, and the Nasdaq Composite lost 1.7%.

Europe’s shift to electric vehicles is accelerating, but Tesla isn’t reaping the rewards. In a surprising turn, the EV giant saw a staggering 45% drop in year-over-year sales in January. Dan Ives, Managing Director of Equity Research at Wedbush Securities,