Tesla (NASDAQ:TSLA) experienced a decline in its stock value, falling 1.6% in premarket trading as of early Friday morning in New York.
This drop follows an 8.4% decrease on Thursday, which concluded an 11-day streak of gains for the electric car giant.
The recent downturn was triggered by a downgrade from UBS Group, which expressed concerns that Tesla's stock had increased too rapidly due to overly optimistic expectations surrounding its artificial intelligence initiatives.
In addition to the downgrade, Tesla announced a postponement of its much-anticipated robotaxi reveal, initially scheduled for next month.
The unveiling has been deferred to October to provide the development teams additional time to construct more prototypes.
Before this setback, Tesla shares had surged 44% through Wednesday, fueled by investor confidence in CEO Elon Musk's vision to position the company as a leader in AI technology.