Tesla stock was edging up 1.5% in premarket trading Wednesday after taking it on the chin on Tuesday.

Investors are trying to get their bearings while hundreds of billions of market value evaporates.

Shares dropped 8.4% on Tuesday after disappointing sales data from Europe fed fears that CEO Elon Musk's political activities are hurting sales.

Tesla's European sales dropped 45% year over year in January while overall EV sales in Europe rose 37%.

Coming into Wednesday trading, Tesla stock was down 37% from its record closing high of just under $480 a share reached on Dec. 17. That drop has wiped out roughly $570 billion in market value. (On Tuesday, Tesla's market valued closed below $1 trillion for the first time since early November.)

Shares were also down about 29% since the Jan. 20 inauguration. That decline works out to about $400 billion in market value.

The losses have been breathtaking. There has been some good news, though. Shares remain up about 27% since the company's Oct. 10 Robotaxi Day and up about 20% since the Nov. 5 election.

In October, Tesla laid out its plans to start a self-driving robotaxi service in 2025. Investors are hopeful that President Donald Trump's policies will speed the adoption of self-driving technology in the U.S.

Looking ahead, Tesla investors could be in for more pain before things stabilize. Fairlead Strategies analyst and market technician Will Tamplin says Tesla stock had support at about $315. Shares closed below that on Tuesday.

Tamplin isn't making a fundamental call on Tesla stock. He's looking at chart patterns to see when investors have bought and sold stock in the recent past. Support represents a level where investors have stepped in and bought stock. Falling below support can tell a technical analyst that investors' thinking has changed.

There is additional support for Tesla stock at about $275 a share, near the stock's 200-day moving average, said CappThesis founder and market technician Frank Cappelleri. That's a new key level for investors to watch.

Investors hope things settle down there -- so they can catch their breath.