Shares of Tesla Inc. turned lower on Monday, the first market session after the Silicon Valley car maker launched the Model 3, its electric car aimed at the masses, and promised a fast ramp-up for the sedan’s production.

The stock’s opened more than 2% higher, but such gains had evaporated by mid-morning. Later in the session, the shares traded lower, on pace to close at their lowest in more than two weeks.

Tesla TSLA, -5.59% late Friday delivered the first few Model 3s at an event in its Fremont, Calif., factory.

See also:Elon Musk gets the $35,000 Tesla Model 3 price tag he wanted — but extras cost more

The launch appeared to do little to move the market’s needle on Tesla, with no broad recommendation changes and the bulls remaining optimistic about the company’s prospects and bears equally entrenched.

Tesla Chief Executive Elon Musk told reporters Friday that Model 3 reservations stood at more than 500,000, according to The Wall Street Journal. The company had announced soon after reservations opened last year that 373,000 people had put down $1,000 deposits to buy a Molde 3.

Analysts at KeyBanc wrote in a note Sunday Tesla would not commit to that figure, “other than to confirm that Musk did in fact provide it to the media.”

Analysts at Goldman Sachs called the event, which they attended, “a bit anticlimactic,” noting no noticeable changes in the car’s features from its earlier test versions.

The Model 3 “remains a de-contented, smaller version of the Model S; and the production vehicle showed no incremental (human-machine interface) features from the vehicle unveiled last year,” they said in a note Monday.

Read more:Tesla earnings: Will the Model 3 live up to the hype?

The Goldman analysts said they expect Tesla to post a larger-than-expected quarterly loss when the company reports Wednesday, saying they expect gross margins on vehicles to disappoint.

Can Tesla Live Up to Its Hype?

Analysts at Baird showed a little more faith in the Model 3, saying the sedan could outperform competitors at a competitive price, and production will now be a focus as Tesla targets positive gross margins on the vehicle in the fourth quarter.

Shares, however, may be under pressure after Wednesday results, they said, adding they would remain buyers on any weakness.

Analysts polled by FactSet expect the company to report an adjusted second-quarter loss of $1.87 a share on sales of $2.5 billion.