Calling the end of the “Tesla bubble” has left a lot of famous investors bruised and beaten.

But there’s reason for pause now. “Orders are going the wrong way for a stock priced for exponential growth,” says Hedgeye Industrials analyst Jay Van Sciver in a recent short Tesla (TSLA) institutional research call. “They need to have more volume to get competitive and that demand just isn’t there.”

Van Sciver highlights tax credit run-off and delivery time uncertainty as among the chief reasons for recent order weakness. “Those are things that people buying a $30,000 to $40,000 car don’t want to deal with,” he says. And with new competition entering the market, the pressure is on for Tesla.