Analysts at Morgan Stanley recently stated that a “worst case scenario” for Elon Musk’s Tesla in the stock market would be a drop to $10 a share, a decrease of about 95 percent off its current value.

Business Insider reports that analysts at Morgan Stanley — which was once referred to as Tesla’s “cheerleader” — has lowered its worst-case scenario prediction for Tesla stock from $96 to just $10 per share. A team led by Adam Jonas wrote in a note to clients: “The reduction in our bear case to $10 is driven primarily by our concerns around Chinese demand for Tesla products.”

The note continued to state: “Our revised bear case assumes Tesla misses our current Chinese volume forecast by roughly half to account for the highly volatile trade situation in the region, particularly around areas of technology, which we believe run a high and increasing risk of government/regulatory attention.”

Although this is a description of Morgan Stanley’s absolute worst case scenario for Tesla and the firm’s best case target still remains at $230 per share, it is indicative of the stock markets further lack of confidence in Elon Musk’s electric car manufacturer.

Breitbart News recently reported that following massive losses for Tesla during the last quarter, CEO Elon Musk is implementing new “hardcore” cost-cutting measures and reviewing all of the company’s outgoing expenses. Musk made this announcement via an email to employees in which he argued that it is “extremely important” to “examine every expenditure at Tesla, no matter how small.”

This move also did not instill confidence in Jonas who stated: “The departure of key executives, price discounting, and extraordinary cost-cutting efforts add to the narrative of a company facing real potential stress.” Shares in Tesla Inc. plummeted last week after one of the firm’s cars was involved in a fatal car crash while in autopilot mode. Shares dropped below eight percent to their lowest close since December 2016 last week after the National Transportation Safety Board (NTSB) said that Tesla’s autopilot driver assistance technology was active during a fatal crash.

Tesla CEO Elon Musk has been praising the company’s autopilot system for some time, claiming that the company will have 1 million automated robotaxis on the road by next year. Others, however, have claimed that Tesla vehicles are nowhere close to fully self-driving and claim that Musk is giving drivers false faith in the vehicles autopilot system, which is similar to advanced cruise control.

The latest Tesla crash involved a Model 3 vehicle and took place in Delray Beach, Florida, allegedly the third crash of its kind in the U.S. alone. The NTSB stated that a Model 3 vehicle struck a truck connected to a semitrailer on March 1. According to the report, the roof of the Model 3 vehicle “was sheared off as the vehicle underrode the semitrailer” and the 50-year-old driver was killed.

Tesla’s share prices currently sits at $204.77 at the time of the writing of this article.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or email him at lnolan@breitbart.com