Tesla Motors and crude oil both lost ground on Wednesday, and Tesla extended its slide into after-hours trading after reporting a quarterly profit loss and fewer-than-expected vehicle shipments.

Oil and the electric car company have been linked, whether or not they should be, said trader Pete Najarian. He and the rest of CNBC's "Fast Money" traders looked at how to play Tesla and the commodity to which investors link it.

Read MoreTesla earnings: Loss of 13 cents per share, vs. expected EPS of 31 cents

Tesla's roughly 3 percent slide in extended trading brought it to about $206 per share. Trader Guy Adami would wait for it to fall about $20 more before making any trade in the stock.

"I would rather see it pull back down to that [$185 per share] level again and take a shot whether it be in the options or whether it be in the absolute stock," he said.

Tesla becomes a buy if it falls below $200 per share, Najarian said. Saying that "you have to buy it when it's coming your way," trader Dan Nathan argued that $180 per share could provide a good entry point.

Read MoreTesla targets cold-weather states with new P85D

But trader Brian Kelly both felt that a downward move could prompt even sharper losses. "You've got a lot of downside on it," if shares go below $180, Kelly said.

Adami noted that he thought oil would keep going lower than its Wednesday settling point at about $49 per barrel, which could provide some motivation for investors who believe the two are linked. Najarian said that he believes oil will stay between $48 and $52 for the near future.

Disclosures:

Pete Najarian

Pete Najarian is long AAPL, BABA, BAC, BMY, DB, JPM, KKR, KO, LLY, LOCO, MRK and PFE. He is long calls AAL, AAPL, BABA, COP, DAL, DIS, DNKN, EBAY, EWG, FCX, FOXA, GILD, GT, IAG, ISIL, MCD, MRVC, MS, OLN, PEP, RG, SPY, SYY, UAL, WFM, WMB, XLE and XLF. He is long puts BHP. Today, he bought calls AAPL and calls WFM.

Brian Kelly

Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, Australian dollar, British pound, Canadian dollar and yuan.

Dan Nathan

Dan Nathan is long BBRY June call spread, DIS Feb 92.50/87.50 put spread, KO March put spread, QQQ Feb 101/ 95 put spread, XLF March put spread, XLU March 48/44 put spread, XRT March 90/85 put spread and YUM Feb 72.50/68 put spread.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.