Tesla Stock In Reverse Gear Premarket: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares fell over 1% in premarket trading on concerns of missing Q4 delivery targets. The decline was influenced by lower-than-average weekly China insurance registration data and the exclusion of certain Model 3 variants from the $7,500 EV tax credit. Additionally, Tesla issued a recall of over 2 million vehicles over autosteer system concerns. The upcoming Federal Reserve decision may also affect market volatility.
December 13, 2023 | 11:10 am
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Tesla's premarket stock price fell due to potential Q4 delivery shortfalls, lower weekly China insurance registrations, exclusion from EV tax credits, and a large vehicle recall.
The premarket decline in Tesla's stock price is directly related to concerns about its Q4 delivery targets, which are a critical performance indicator for investors. The lower weekly insurance registrations in China suggest a potential slowdown in one of Tesla's largest markets. The exclusion of some Model 3 variants from the EV tax credit could reduce their attractiveness to consumers. The recall over autosteer systems raises safety and reliability concerns. The upcoming Federal Reserve decision is a general market factor that could exacerbate volatility for Tesla's stock.
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