Tesla Inc. reports first-quarter delivery numbers Wednesday, with the electric-vehicle maker in the center of a storm of protests against its polarizing chief executive, Elon Musk.

Tesla has had a rough start to 2025, marked by demand concerns, intensifying competition and a public backlash against the company and Musk's high-profile position in the Trump administration.

The Tesla CEO's key role in the so-called Department of Government Efficiency, or DOGE, has prompted critics to take aim at the company's stock, and the EV giant's vehicles and showrooms have been targeted by protests in the U.S. and overseas, such as the "Tesla Takedown" demonstrations, and in some cases by vandalism.

Set against this backdrop, Tesla's stock tumbled 35.8% during the first quarter. That was the worst quarterly performance since the stock plunged 53.6% during the fourth quarter of 2022. On Jan. 3, 2023, the stock tumbled 12.2% to close at a 21/2-year low after Tesla reported disappointing fourth-quarter deliveries data.

The stock's recent selloff has come as China, which is Tesla's second-largest market, has proved particularly vexing for the Austin, Texas-based company, which has been losing market share to its Chinese competitors. The company is reported to be planning to manufacture a lower-cost version of its Model X in Shanghai in an attempt to regain ground.

In 2024, Tesla generated $20.94 billion in revenue from China, or 21.4% of its total revenue. That's down from $21.75 billion in revenue, or 22.5% of the total, from China in 2023.

Tesla sales have also been pressured in Europe. In March, sales in France fell for the third straight month, according to the French trade association PFA. Sales in Germany, where Musk sparked outrage by endorsing the far-right party Alternative for Germany, or AfD, in the country's federal elections, have also tumbled.

The average estimate among analysts tracked by FactSet is for first-quarter deliveries of 404,000 vehicles, compared with 387,000 in the same period a year ago. That consensus estimate has been declining due to demand concerns, dropping from 437,000 at the end of February and from 470,000 at the end of 2024.

Many analysts, even bullish ones, believe the actual first-quarter number could be much lower.

Wall Street's top Tesla bull, Wedbush analyst Dan Ives, said first-quarter deliveries could be in the range of 355,000 to 360,000.

"While much of this softness is related to customers waiting for Model Y refreshes along with a lower cost new model set to be launched by the summer timeframe ... the anti-Musk and brand issues are clearly at play and a major factor in this weak [first-quarter] delivery number," Ives wrote in a note to clients.

Another bull, Stifel's Stephen Gengaro, on Monday slashed his delivery estimate by 23%, to 353,418 EVs, citing concerns over Model Y refreshes and the public backlash.

Despite all the downbeat analyst commentary, investors have been given some hope that Tesla might actually deliver an upbeat report, and the stock was up 5.4% in midday trading on Tuesday.

Ford Motor Co. $(F)$ said Tuesday that it sold a record 73,623 electric vehicles during the first quarter, an increase of 26% over the same period last year.

In addition, the four big China-based EV makers - BYD Co. (BYDDY), Li Auto Inc. $(LI)$, NIO Inc. $(NIO)$ and XPeng Inc. $(XPEV)$ - reported combined first-quarter sales of 1.23 million new-energy vehicles, up 62% from a year ago.

A number of analysts who have cut their delivery estimates still point to reasons to remain bullish on the stock in the coming months, as Tesla is expected to launch a full-self-driving service in Austin and a lower-priced model by the end of June.

"We expect share-price volatility to persist in the near term, but remain optimistic on [Tesla's] medium- to long-term prospects," Gengaro wrote, as he reiterated his buy rating on the stock.