Tesla (TSLA) stock took another dive on Thursday as analysts chopped price targets for the electric-vehicle maker, citing the Trump administration’s impending 25% tariffs on auto parts and weakening demand in Europe and China.

Some of the first-quarter slowdowns may be due to customers waiting for the updated version of the car. Refreshes for Tesla's full-size Model S and Model X are expected by the end of 2025, potentially setting the stage for a dramatic rebound in deliveries in 2026.

The EV maker’s shares, along with those of other auto makers, rallied after President Donald Trump’s decision to pause some tariffs. The car industry still faces stiff levies, though.