|  | | | | | | Tesla sinks after analysts were underwhelmed by the long-awaited Model Y unveiling
Tesla shares fell as much as 5% Friday as Wall Street analysts were underwhelmed by the electric-car maker's unveiling of its Model Y SUV.
Some analysts were concerned that the Model Y could claw demand away from the Model 3.
"Overall, we found the event somewhat underwhelming with no major surprises," Emmanuel Rosner, an analyst at Deutsche Bank, said in a note to clients on Friday.
And Jed Dorsheimer, a bullish Tesla analyst at Canaccord Genuity, added: "Tesla unveils the Model Y but event may fall shy of whisper expectations."
Indeed, Tesla didn't reveal a "one more thing" that many anticipated in addition to the Model Y unveiling, said Joseph Spak, an analyst at RBC Capital Markets. Spak said the model's impact on the Model 3 could be "significant" as crossover demand around the world had exceeded that of sedans.
"Which begs the question, why show the vehicle now?" he wondered in a note to clients. "We would have thought the reveal would have been closer to start of production. Will some potential M3 buyers wait?"
Still, Musk said the Model Y could outsell the Model S, Model X, and Model 3 combined. The standard version of the Model Y is set to arrive in 2021 at a starting price of $39,000. Three pricier versions of the vehicle will start between $47,000 and $60,000 and are scheduled to begin shipping in 2020.
Craig Irwin, an analyst at Roth Capital Partners, has observed a "fundamental shift" in the way Tesla shares have traded recently.
What once traded like an emerging growth company, where management can "invent their own milestones, meet these, and the stock would behave positively," is now more sensitive to fundamental drivers like unit volumes and margins.
"There is clearly a large market for the M3, and likely the Model Y, but this seems to fall short of more aggressive expectations given vehicle prices seem too high, in our opinion," Irwin said.
Tesla shares have fallen 16% this year.
Read more Tesla coverage from Markets Insider and Business Insider:
Elon Musk just unveiled Tesla's newest car, the Model Y SUV
Elon Musk says Tesla's new Model Y SUV will outsell the Model S, Model X, and Model 3 combined
The Tesla Model Y has staggering specs — but it isn't a major new design for Tesla
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