Tesla shares fell by about 1.7% in premarket trading on Thursday to $231.75.

Commerce Secretary Howard Lutnick recommended buying Tesla stock during a TV appearance, which is unusual for a cabinet secretary.

Tesla's stock has decreased by 5% in the last five days, 35% in the last month, and 42% so far this year.

JPMorgan analyst Ryan Brinkman noted the significant loss in Tesla's brand value as unprecedented in the automotive industry.

Wedbush Securities' Dan Ives described Tesla's situation as a 'crisis' and urged Elon Musk and the Board to address it.