Registrations of new Teslas fell 11% year-over-year in January, losing 12 percentage points in U.S. EV market share, according to S&P Global Mobility data reported by Yahoo Finance and other outlets.

Americans registered 43,411 units produced by the Austin, Texas-based Tesla Inc., claiming 42.5% of the U.S. market. The decline was led by the premium Model X (-45%) and Model S (-38%), followed by the top-selling Model Y (-26%).

“Despite the news, Tesla stock closed up 7.6% on Wednesday, with the overall tech sector seeing a boost due to moderating CPI data,” notes Yahoo’s Pras Subramanian. “The recent pop in Tesla shares follows an over 39% drop year to date.”

On Tuesday, President Donald Trump promised to purchase a new Tesla to support Elon Musk, the company’s CEO, who has come under fire for his role as a senior White House advisor and head of the administration’s Department of Government Efficiency.

Read more at Yahoo Finance