Why Tesla Stock Is Set To Continue Its Downward Spiral
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares fell in premarket trading on Tuesday, adding to the nearly 5% drop seen on Monday. This is despite U.S. stock futures pointing to a modestly higher open. The immediate trigger could be the China weekly insurance registrations data, which showed a decrease in registrations for Tesla electric vehicles. Future Fund’s Gary Black noted that China-insured registrations totaled 28,400 units, down 22% from the first four weeks of the third quarter. GLJ Research’s Gordon Johnson predicts muted demand for the refreshed Model 3.
October 31, 2023 | 12:09 pm
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Tesla's stock continues to fall due to decreased China-insured registrations and predicted muted demand for the refreshed Model 3. This could potentially lead to another lackluster quarter for the company.
The decrease in China-insured registrations indicates a potential decrease in demand for Tesla's vehicles in one of its key markets. Additionally, the predicted muted demand for the refreshed Model 3 could further impact the company's performance. These factors could potentially lead to another lackluster quarter for Tesla, negatively impacting its stock price.
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