Shares in Tesla tanked by as much as 7.6% in pre-market trade Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

Musk said the America Party would target just two or three Senate seats and between eight and ten House districts, signalling a focused bid to reshape congressional representation. The stock has fallen roughly 22% since the start of the year,

Prior to the deliveries release, Forbes reported that Musk fired Omead Afshar, Tesla's head of operations in North America and Europe. Afshar began at Tesla in 2011 and, during his tenure, reportedly became one of Musk's top lieutenants and most trusted allies.