Tesla’s (NASDAQ:TSLA) latest quarterly results fell short of Wall Street estimates due to recent price cuts on electric vehicles, causing more than an 8% stock price drop intra-day today.

The company reported an adjusted EPS of $0.66 on revenue of $23.35 billion, missing analysts’ expectations of $0.73 EPS and $24.32 billion in revenue. Tesla’s gross margins, excluding credits, also dipped from 18.7% to 16.1%. The decline in electric vehicle deliveries in Q3 (435,000 compared to 466,140 in Q2) was attributed to factory upgrades.

CEO Elon Musk expressed concerns about the high-interest rate environment affecting car affordability and emphasized the need to reduce costs to make their products more accessible. Musk also cautioned that the Cybertruck would take time to achieve significant cash flow positivity, impacting investor sentiment.

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