Tesla shares slump after posting 'ugly' set of global sales figures 

Tesla has been facing intense competition in China from local players including BYD and new entrant Xiaomi

Tesla handed over about 386,810 vehicles in the three months to the end of March, down 20% from the prior quarter. 

Tesla posted a global fall in quarterly deliveries for the first time in nearly four years and missed analysts' estimates, a performance some described as "ugly" as price cuts failed to stir up demand in a highly competitive market.

The Elon Musk-led company's shares fell sharply at one stage. Despite the fall, which adds to a nearly 30% slide in value so far this year, Tesla's market capitalisation was still well above the combined valuation of Toyota, Mercedes-Benz, and Porsche.