Tesla Inc. shares are on track for their steepest drop since 2020 as Wall Street analysts begin to slash their estimates for vehicle deliveries.

The electric-car maker’s stock plunged as much as 14% on Monday after UBS Group AG’s Joseph Spak cut projections both for the first quarter and the full year. Robert W. Baird & Co. analyst Ben Kallo similarly lowered his estimates for Tesla deliveries on March 6.