Why Tesla Shares Are Down Over 1% Premarket Today
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares are down over 1% in premarket trading due to disappointing sales figures in China for February. The company sold 60,365 electric vehicles, marking a 15.51% sequential drop and an 18.9% year-over-year decline. This underperformance is attributed partly to the timing of the Chinese New Year holidays. Comparatively, Chinese EV startups Li Auto, Nio, XPeng, and BYD also reported declines, with Tesla's drop being less steep. Concerns are raised about Tesla's Q1 sales, with challenges noted in the U.S., China, and Europe.
March 04, 2024 | 12:06 pm
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Tesla's premarket stock price fell 1.47% to $199.67 due to disappointing February sales in China, with significant year-over-year and sequential declines.
The decline in Tesla's stock price is directly linked to the disappointing sales figures reported in China for February. The sequential and year-over-year drops in sales volume are concerning for investors, especially given the broader challenges Tesla faces in Q1 across major markets. The premarket stock price movement reflects immediate investor reaction to these sales figures and the potential impact on Q1 performance.
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