A tough year for Tesla stock continues after the carmaker reported a 13% drop in deliveries for the first quarter. Tesla shares were down 4.8% at $255.50 in premarket trading. Shares had already fallen more than 33% year-to-date when the market closed Tuesday.

Tesla is now down roughly 33.5% this year. The company builds all of its vehicles in the U.S. but could still face significant challenges due to an escalating trade war. The Trump administration announced a series of wide-ranging new tariffs yesterday,