12:45 PM EDT, 03/28/2024 (MT Newswires) -- Deutsche Bank on Thursday lowered its Tesla (TSLA) delivery estimates for the second time in less than three weeks, citing weaker-than-expected sales in China and the electric vehicle maker's plan to cut production in the region.

The brokerage cut its first-quarter delivery outlook to 414,000 units from 427,000 vehicles due to lower sales in China in the last few weeks of March. Analysts surveyed by Visible Alpha are modeling deliveries of 454,100 units for the first quarter.

Deutsche Bank's full-year estimate was reduced to 1.9 million deliveries from 1.96 million units, now representing mid-single digit growth versus a high-single-digit increase previously expected, Deutsche Bank said in a note emailed Thursday. The consensus on Visible Alpha is 2.03 million units.

"We continue to see pressure on margins and earnings, as the company already announced deep price cuts in both China and Europe earlier in the quarter, and made further moderate price adjustments in February to incentivize vehicle purchases," Deutsche Bank analyst Emmanuel Rosner said.

Rosner previously cut Tesla's estimates on March 11. Tesla's share price has lost nearly 29% so far this year amid a slowdown in the EV market.

Tesla has announced price increases in the US and China effective in April. However, the move appears "as an attempt to boost sales in March, rather than a sign of solid demand," Rosner said Thursday.

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