Shares of electric vehicle giant Tesla, Inc. TSLA were slipping in premarket trading on Tuesday after they braved a below-consensus third-quarter deliveries number and ended moderately higher in the previous session.
In premarket, the stock retreated 0.72% at $249.80, according to Benzinga Pro data.
The weakness came after Tesla made available a cheaper Model Y variant in the U.S. The company now sells a Model Y rear-wheel drive version, which is listed with a starting price of $43,990.
Incidentally, in late August, the company withdrew the Model Y all-wheel drive version, which was then the cheapest Model Y trim in the U.S. market. The withdrawn AWD variant was priced at $47,740.
The 7.9% price cut suggests margins are in danger, said Tesla bear Gordon Johnson in a post on X, formerly Twitter.
Stock futures suggest a muted start on Tuesday, as the bond yields rose past the 4.70% level. Higher yields typically trigger a flight away from high P/E growth stocks like Tesla.
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