Tesla Inc. (NASDAQ:TSLA) shares have dipped amid fresh blows from slumping China sales and a high-profile investor revolt against Elon Musk‘s eye-popping $1 trillion pay package, yet the electric vehicle giant’s underlying momentum tells a defiant tale of resilience.

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Tesla’s Car Sales Drop In October

The starkest setback hit in China, Tesla’s vital growth engine. October wholesale sales from its Shanghai factory plunged 9.9% year-over-year to 61,497 units—the lowest since May—reversing September’s modest 2.8% gain, according to the China Passenger Car Association.

Fading hype around the six-seat Model Y Long Range, launched in August, contributed to the 32% month-over-month drop, exacerbating a brutal price war where even rival BYD saw a 12% global sales decline.

Additionally, Tesla registrations in nine key European ...