Tesla (TSLA) shares are sharply lower following its Investor Day presentation last night, at which the automaker addressed topics like Musk’s “Master Plan 3” and vehicle design, but did not reveal a design or specifics about its “generation 3” upcoming car.

“We will have a proper sort of product event, but it would be jumping the gun if we answer your questions [now],” Musk said in response to a question about the generation 3 car during a Q&A session last night.

Though Musk and the Tesla team discussed AI, charging infrastructure, and supply chain improvements from Gigafactory Austin, the main disappointment was the lack of any concrete details on its next generation 3 car design, though it did reveal that two upcoming models will be joining the Tesla product portfolio, and its next gigafactory would be located in Monterey, Mexico.

“While Musk presented his ‘Master Plan Part 3’ intending to spark confidence and excitement about Tesla’s future, investors were underwhelmed … They were listening intently for more meat on the bones regarding Tesla’s concrete 2023 plans to remain competitive in an increasingly crowded and price-sensitive EV market,” said AXS Investments CEO Greg Bassuk in a note to clients.

“Seven models from other automakers already are priced lower than Tesla’s Model 3 sedan, the company’s least expensive model, while even more EV automakers are racing aggressively into this space in 2023,” he said.

The lack of specificity on that generation 3 car, expected to be Tesla’s cheapest offering at around $25K - $35K MSRP, is likely weighing on the stock, and on Wall Street analysts’ minds, as some are more bullish on the company long-term.

"Though Tesla's plan to launch a $25K EV isn't new, mass-market competitors will need their own roadmaps to profitably compete at those price-points in the coming few years," Citi's Itay Michaeli said in a note to investors. Michaeli notes that Tesla reiterated its prior goal of reaching 20 million units by 2030, and provided "incremental color" on how it would achieve that goal.