Tesla shares fell 11% today after a bigger-than-expected drop in first-quarter deliveries, led by waning demand for its luxury Model S and X vehicles, added to worries about the electric-carmaker's finances.
At least four Wall Street brokerages cut their price targets on the company's stock.
They cited concerns about profitability and revenue after deliveries of the higher-priced luxury cars more than halved compared with the fourth quarter.
Analysts estimated the numbers would translate to a more than $1 billion shortfall in revenue compared to previous estimates.
Tesla had already flagged in February that it expected to post a first-quarter loss as it launched its cheaper $35,000 version of the Model 3 sedan.
In the quarter, Tesla delivered 50,900 Model 3s, falling short of analysts'estimate of 58,900, according to IBES data from Refinitiv.
Tesla also pinned the blame for the first-quarter delivery drop to longer transit times, which analysts said could impact cash flow, even though the company claimed it had sufficient cash on hand.
The company said it had delivered only half of the quarter'snumbers by March 21, with 10,600 vehicles still in transit at the end of the quarter.
By comparison, only 1,900 vehicles were in transit at the end of the fourth quarter.
The carmaker reaffirmed its forecast to deliver between 360,000 and 400,000 vehicles this year, and said US orders for the new Model 3 outpaced what the company was able to fulfill in the quarter.
Chief executive Elon Musk, who is under pressure to deliver the Model 3 to new international markets efficiently, while guarding precious working capital, has been engaged in a public battle with US regulators stemming from his tweets about Tesla's production estimates.
His lawyers will argue today that he did not violate a fraud settlement with the US SEC and should not be held in contempt, the latest twist in a high-profile battle between the billionaire and the government.