Shares of Palo Alto, Calif.-based electric vehicle maker Tesla Inc. (TSLA) sank 6.8% Thursday to their lowest level in nearly six months after posting a wider-than-expected loss in the most recent quarter. Chief Executive Officer Elon Musk also announced that the firm will not meet previous production forecasts for its first mass-market Model 3 sedan for another three months. In response to the news, many on the Street expressed frustration with the company’s lack of commitment to its targets, becoming more bearish and impatient with each quarterly miss. (See also: Tesla's Most Bullish Call Yet: Nomura's $500 PT.)

“We left the call frustrated with the lack of transparency from Tesla management,” said Cowen analyst Jeffrey Osborne in a research note.

Fuel for the Bears

JPMorgan’s Ryan Brinkman was equally discouraged, indicating that it was “more disconcerting” that the company elected to not guide to the time when it would reach a production level of 10,000 vehicles per week. He notes that Tesla previously said it would meet that target sometime during 2018. “The combination of these two guidance changes is likely to result in a significant reduction in production expectations,” said Brinkman.

Another bear, Goldman Sachs' David Tamberrino, suggests that issues with the Model 3 production are particularly concerning due to the fact that the tech firm plans to use cash from the business to fund new projects. He sees the timeline for products such as a semi tractor-trailer, a Model Y, a pickup truck and a second-generation Tesla Roadster as likely to be pushed out.

Deutsche Bank’s Rod Lache offered a slightly more positive outlook, indicating that he foresees scenarios in which Tesla could overcome temporary challenges and achieve free cash flow breakeven by late 2018. “However, given the company's current cash burn and potential for delays in achieving production targets, we believe that the margin for error is once again becoming uncomfortably thin,” wrote the analyst. (See also: Morgan Stanley Says Tesla Has One Key Advantage.)

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