Share prices of the largest US electric carmaker and Apple rival fell on Thursday, as the industry struggled to regain momentum.
Tesla shares closed down 2.3 per cent after the company posted a $1.15bn profit, while Apple shares fell 0.9 per cent to $62.23 after its stock fell more than 25 per cent this year.
The tech giant’s shares fell $1,800 to $1.,749, while the company’s shares were down more than 11 per cent in after-hours trading.
Apple shares are down more the same, dropping $3.12 to $67.80.
Shares in Apple are down $6,300 after the firm posted a loss of $26.2bn on a profit of $49.4bn.
The iPhone maker has seen sales decline in the past year and its share price has slumped more than 10 per cent since its IPO in September.
The slide in shares was driven by fears that Apple’s iPhone will fail to hit the market and that its iPad may not be able to keep up with the growth in tablets and mobile devices.
Tesla CEO Elon Musk, whose company is the world’s largest maker of electric vehicles, said on Wednesday that he was worried that Apple and Google will continue to dominate the automotive industry.
“We’re going to continue to see the market continue to be dominated by the two largest tech companies in the world,” he said.
“I’m not a tech guy, but I do know the impact that technology can have on our industry.
The car is the most important piece of the puzzle for our industry.”
Shares in Tesla jumped about 20 per cent on Thursday after Tesla posted its biggest quarterly profit in six years, while its shares fell about 13 per cent.
Apple shares rose more than 8 per cent, while Microsoft shares were flat.