Shares of Tesla (TSLA) were sinking in early morning trading on Friday after analysts at JPMorgan cut their price target on the electric automaker's stock to $195 from $200 based on weaker delivery of the Model 3.

"Deliveries of Model 3 vehicles significantly underwhelmed relative to both management guidance and our own delivery expectations (i.e., just 220 units in all of 3Q vs. JPM estimate for 1,630 and guidance as of the 2Q shareholder letter for "just over 1,500")," the firm noted.

As a result, JPMorgan slashed its 2017 fourth-quarter Model 3 delivery forecast to 15,000, units from 30,000 units, and trimmed its gross margin forecasts for the vehicle to "reflect a longer ramp-up phase than we had earlier modeled."

"Alternatively, we worry that if the vehicle proves structurally more expensive to manufacture, that in order to preserve the targeted gross margin, Tesla may need to increase the price of the vehicle to consumers, with negative implications for demand," JPMorgan added.

The firm cut its 2017 earnings-per-share estimate for Tesla to a loss of -$7.34 vs. -$6.44 prior, while 2018 EPS falls to -$5.64 from -$4.94 prior and 2019 to -$0.67 from +$0.36 prior. 

Fiat Chrysler CEO Sergio Marchionne also has his doubts about Tesla:

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