Tesla’s (NASDAQ:TSLA) shares plunged to their lowest point in over a year on Thursday, following concerns raised by Deutsche Bank regarding the electric automaker’s intensified emphasis on its autonomous vehicle endeavors amidst profit challenges.

The company, led by Elon Musk, saw its shares drop by 2.7% to $151.26 after Deutsche Bank downgraded its rating to “Hold” and slashed its price target from $189 to $123. The brokerage’s remarks come in the wake of a Reuters report disclosing Tesla’s decision to scrap its long-awaited affordable car, which investors had anticipated would fuel growth, while persisting with the development of Robotaxis on the same vehicle platform. Tesla has been aggressively promoting the adoption of its full self-driving advanced driver assistance software, set to unveil Robotaxi in August.

Deutsche Bank highlighted the formidable obstacles in achieving full driverless autonomy, citing significant technological, regulatory, and operational challenges. Analyst Emmanuel Rosner expressed concerns over the delay in Model 2 efforts, raising the specter of no new vehicle in Tesla’s consumer lineup for the foreseeable future, potentially dampening its volume and pricing prospects for years to come.

In the midst of profitability strains stemming from price reductions aimed at stimulating demand for its electric vehicles, Tesla recently announced a workforce reduction of over 10% worldwide, as it endeavors to resuscitate Musk’s mammoth $56 billion pay deal from 2018. Despite efforts to rally shareholder support for Musk’s pay package, which was rebuffed by a Delaware judge in January, Tesla’s shares plummeted to their lowest level in nearly 15 months on Thursday, registering a 37.4% decline year-to-date, positioning it as the second-worst performing stock on the S&P 500 index.

The company’s market capitalization faces a potential drop of over $17 billion to approximately $478 billion if current losses persist, although Tesla retains its status as the most valuable automaker globally.