NEW YORK ( TheStreet) -- Shares of Tesla ( TSLA) have dipped into the red after a mixed jobs report, along with the rest of the stock market -- though earlier the share prices looked particularly weak next to other stocks, dipping into the red even as the rest of the stock market firmed into the green.

Tesla stock has fallen 6% to $20.62, with 1.54 million shares trading hands -- slightly above the average trading volume of 1.5 million since its debuted on the NASDAQ on Tuesday. Shares have been closing steadily lower since its extremely successful IPO day.

The IPO "was great for the company and the industry," Wall Street Strategies analyst David Silver said. But "I think the strength will only be shortlived." Silver's concerns about Tesla is what skeptics have been worried about all along: the electric car maker only has one model -- albeit a high profile model -- the Roadster -- that has never made a profit and has been heavily reliant on government aid to survive.

"That being said, this isn't a mass market automaker like Ford ( F) or GM, but could do well in it's niche," Silver said.

The high profile $109,000 Roadster cars -- which have famously been bought and driven by movie stars like Brad Pitt and George Clooney -- is now being followed by Tesla's comparably more affordable, upcoming $50,000 electric Model S Sedan; the figures includes a government subsidy for plug-in cars. Proceeds from the IPO are expected to be used to help fund the production of the Model S. Tesla is aiming for a production rate of about 20,000 Model S vehicles a year, eventually.

On Tuesday, Tesla's IPO raised about $226.1 million.

Meanwhile, A123 ( AONE) stock has fallen 3.3% to $8.82. Shares of lithium-ion battery supplier debuted on the NASDAQ last September and it and Tesla's IPO are frequently compared.

-- Reported by Andrea Tse in New York
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