Trump's new trade war with China doesn't help either — a 2023 study by Nikkei found that 40% of the suppliers for materials used in Tesla's batteries are Chinese companies. "Changes in government and economic policies, incentives or tariffs may also impact our production, sales, cost structure and the competitive landscape," Tesla pointed out in its latest 10-K filing. And lastly, Tesla's fourth quarter left a lot to be desired. The company's EPS missed analyst estimates by a penny. Automotive sales fell 8% year over year due to price cuts across the Tesla vehicle lineup. "They missed their 2024 delivery guidance, which we knew about a month ago. Their margins were pretty weak ... And, if we're reading this correctly, the full self-driving rollout in Europe and China is not going to happen in the first quarter," Canaccord Genuity managing director George Gianarikas said on Yahoo Finance's Morning Brief, calling the results "kind of squishy."