April 18 Reuters Tesla shares fell to their lowest in more than a year on Thursday after Deutsche Bank raised concerns over the electric automaker39;s increasing focus on its autonomous vehicle products when profit is under pressure.

The Elon Muskled company39;s shares fell 2.7 to 151.26 after the brokerage downgraded the stock to Hold and cut its price target to 123 from 189.

The brokerage39;s commentary follows Reuters report earlier this month that Tesla decided to cancel its longpromised inexpensive car that investors hoped would drive growth, while continuing to develop Robotaxis on the same vehicle platform.

Tesla has been pushing for greater adoption of its full selfdriving advanced driver assistance software ahead of unveiling Robotaxi in August.

The brokerage said cracking the code on full driverless autonomy represents a significant technological, regulatory and operational challenge.

The delay of Model 2 efforts creates the risk of no new vehicle in Tesla39;s consumer lineup for the foreseeable future, which would put downward pressure on its volume and pricing for many more years, Deutsche Bank analyst Emmanuel Rosner said.

As profitability takes a hit from price cuts to boost demand for its electric vehicles, Tesla earlier this week laid off more than 10 of its global workforce even as it continues to try to revive Musk39;s huge pay deal from 2018.

The company has asked its shareholders to reaffirm their approval of Musk39;s 56 billion pay that was…