Tesla shares fell in pre-market trade on Thursday, after the company reported earnings that missed expectations and warned of a slowdown in 2024.

Shares of Tesla were around 8% at around 6.33 a.m. ET.

Tesla reported revenue and earnings on Wednesday that missed market expectations. Tesla’s automotive revenue, a closely-watched metric, totaled $21.6 billion in the fourth quarter of 2023, rising just 1% year-on-year.

But the biggest concern was Tesla’s outlook. The electric carmaker said vehicle volume growth in 2024 “may be notably lower” than the rate observed last year, as the company works toward launching its “next-generation vehicle” in Texas. The company cautioned investors that it’s “currently between two major growth waves.”

Tesla delivered 1.8 million cars in 2023. The company has been cutting prices around the world in key markets across Europe and China, as it faces rising competition from Chinese players like BYD and traditional automakers. The price cuts have weighed on Tesla’s margin.

Adding pressure on Tesla’s stock, various brokers reduced their price target for the company, with Barclays cutting its price target from $250 to $225.

“Not as bad as feared, but a cloudy path ahead reinforces some downside risk for now,” Barcalys analysts wrote in a note on Thursday.

RBC analysts lowered their price target from $300 to $297. Canaccord Genuity said in a note on Wednesday that it has also taken down its price target to $234 from $267.