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Tesla’s first-quarter revenue took a 9% dive year on year, missing expectations that had been dialed down in recent weeks.

Tesla pinned the revenue drop on a decline in vehicle deliveries, “in part due to the Model Y update across all four vehicle factories,” and also on a lower vehicle average selling price “due to mix and sales incentives,” it said in a letter to shareholders.

It also added a stronger dollar as a $300 million headwind.

On the plus column, the company highlighted growth in its energy generation and storage gross profit, lower costs with the Cybertruck production, and a lower cost per vehicle, including lower raw material costs, it said.