Tesla, Inc. TSLA shares are set for another session of losses, with the stock declining 1.85% to $214.85 in premarket trading on Tuesday, according to Benzinga Pro data.
The premarket decline follows Friday’s 3.67% slump, triggered by the company’s announcement of price cuts in China. The futures market indicates a negative start for Wall Street stocks amid concerns about earnings growth as the fourth-quarter reporting season begins. Some of this weakness may be affecting Tesla’s stock.
Traders might prefer to stay on the sidelines or even lighten their holdings ahead of the company’s earnings report next week. Beyond the headline numbers, attention will focus on the core auto gross margin, which has been on a downward trend. Management’s commentary on the core auto margin outlook and the 2024 deliveries outlook could also impact the stock.
In a separate development, Tesla CEO Elon Musk expressed on X, a social-media platform he owns, that he would prefer to have about 25% voting control. “I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can't be overturned.”
The stock has experienced losses for four consecutive sessions and is down approximately 12% so far in January.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
