Tesla Set To Extend 3-Day Losing Streak? What's Driving Shares Lower Premarket

Tesla, Inc. TSLA shares were falling before the opening bell on Monday following three consecutive sessions of losses, pushing the stock to its lowest closing level since Aug. 28. 

Concerns over potential shortfalls in third-quarter deliveries contribute to the negative sentiment. 

China’s weekly registration data points to softness in one of Tesla’s key markets, while rumors circulate about a production pause at the Giga Texas plant until the end of September, aligning with the anticipated late-2023 launch of the Cybertruck.

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Gary Black from Future Fund predicts third-quarter deliveries of 440,000 units, below the consensus estimate of 462,000 units, citing the Model 3 Highland transition. 

China’s weekly insured registration data indicates a consistent shortfall of 4,000-5,000 units over recent weeks. 

Black anticipates a decline in third-quarter deliveries, and forthcoming sell-side estimates, expected by Thursday or Friday, may reflect reduced Model 3 sales in China. Additionally, the rising bond yields pose a threat to growth stocks like Tesla.

In premarket trading, Tesla fell 1.49% to $241.23, according to data from Benzinga Pro.

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