Tesla’s profit dropped 46% year over year, the company revealed in its earnings update Wednesday evening.

That was not exactly a surprise — in fact, it was better than most analysts had expected. Tesla had already reported sales for the quarter, which showed the continuation of a slump that stretched through much of the year. More revenue from other parts of the company, like a growing energy storage business, haven’t made up for the fact that Tesla’s not selling as many cars as it used to.

Tesla, once the undisputed global leader in electric vehicle sales, has lost that crown as its brand reputation has soured and competition — particularly from China — has grown more intense.