Late Wednesday, Tesla posted product updates and investors felt let down. On Thursday, Tesla stock fell to a low that has not been seen since October. Investors looked beyond the electric vehicle (EV) makers robust quarterly results. Instead they were worried that no new product would be launched this year. They also showed concern about supply chain constraints. However, analysts are still bullish about the EV maker’s stock.

On Thursday, Tesla TSLA decreased by 11 percent and was at $829.10. This lead to a decrease in its market cap to about $832 billion. This share price is its lowest close since October 14, when the stock was at $818.32. This is largest percentage loss in a single day since September 8, 2020 when its stock plunged by 21 percent.

After trading on Wednesday, CEO of Tesla, Elon Musk spoke to shareholders on a fourth quarter earnings call. He said that the EV maker was still dealing with chip shortages. These supply chain issues were expected to continue through 2022.

He said that Tesla would focus on scaling production at existing as well as new factories and would improve its driver assisted facilities such as its standard Autopilot offering as well as its premium Full Self-Driving option.

While answering questions Musk said that the company is not planning to work on a 25,000 car or the Cybertruck this year. Instead they would continue to refine their self-driving technology.

Musk also mentioned the development of an “Optimus humanoid robot.” He called it Tesla’s most important product development program. He said that it had the “potential” to be more significant than Tesla’s core business of vehicle production, over a period of time.

Despite the fall in share price analysts from Deutsche Bank and Goldman Sachs, Emmanuel Rosner and Mark Delaney have high interest in Tesla stock and give it a price target of $1,200.

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