Tesla’s no good, very dangerous 12 months acquired even worse on Friday following studies that Elon Musk’s EV powerhouse was chopping again manufacturing at its China plant.Tesla trimmed the output at its plant in Shanghai (which produces for each home and worldwide markets) beginning earlier this month and has requested workers to work fewer days, Bloomberg reported, citing folks acquainted with the matter.The corporate’s inventory is already down greater than 31% because the begin of the 12 months and fell as a lot as 4% in intraday buying and selling on the China reporting, earlier than rebounding barely. Shares have been down slightly below 2% as of Friday afternoon. Yr-to-date, the S&P 500 is up about 10%.A number of setbacks over the previous few months have taken a virtually $250 billion chunk out of the corporate’s market cap.View this interactive chart on Fortune.comLate final 12 months, Warren Buffett-backed BYD toppled Tesla because the world’s main electrical carmaker by gross sales. The Chinese language EV firm delivered 526,409 autos within the fourth quarter, about 8% greater than the 484,507 delivered by Tesla.Chinese language carmakers are more and more making their mark on the EV market, and the automotive market generally, with low price autos which have left even legacy carmakers like Honda and Nissan scrambling. Musk has himself lauded China’s carmakers, saying they’re “essentially the most aggressive automotive corporations on the earth.”Partially to compete with Chinese language automakers, Tesla has lower costs a number of instances over the previous 12 months. Partially resulting from Tesla’s worth cuts, Hertz CEO Stephen Scherr instructed Bloomberg in January that the corporate deliberate to unload 20,000 electrical autos, nearly all of that are Tesla’s.Tesla’s fourth quarter earnings noticed its income fall in need of analyst expectations and its revenue from operations fall 47% from a 12 months prior. The corporate additionally cautioned traders that “quantity progress shall be decrease” within the coming 12 months because it focuses on a “subsequent era,” automobile that shall be geared toward budget-strapped customers.Story continuesAmid the lackluster outcomes, some specialists have instructed that it could be time for the Tesla board to drive Musk out of the C-suite. Musk, though a visionary entrepreneur, has rubbed some the unsuitable manner at Tesla for his blunt demeanor and reportedly demanding nature towards employees.In January, Musk demanded 25% voting management of Tesla earlier than he continued with the corporate’s improvement of robotics and AI. The ultimatum was salient provided that Tesla’s monstrous valuation is at the very least partly primarily based on hopes that Musk would ultimately transfer the corporate past vehicles to make it right into a know-how juggernaut.That promise hasn’t fairly panned out but, and nonetheless Tesla has one of many highest ahead price-to-earnings multiples of the Magnificent Seven shares. Strain on the corporate is mounting—one prime analyst final week sharply described Tesla as a “progress firm with no progress.”Tesla didn’t reply to a request for remark.This story was initially featured on Fortune.com