Tesla Stock Set For Another Session Of Losses Today? What's Happening Premarket

Tesla, Inc. TSLA shares fell in premarket trading on Tuesday after plunging over 7% in the previous session.

The extended weakness is partly due to the worsening sentiment toward mega-cap tech stocks, with most trading lower in the premarket. The company is also contending with negative tidings on the fundamental front.

A Reuters report said Tesla’s Giga Berlin has halted production after a suspected arson set an electricity pylon close to the factory site ablaze, leaving it without power. The blaze, however, did not spread to the Tesla site, it said. The company reportedly confirmed the production stoppage, while also stating that it has carried out site evacuation.

Sentiment toward the stock took a big hit on Monday as investors fretted about the company grossly undershooting delivery expectations in the first quarter. The consensus expectations call for 16% year-over-year growth in deliveries and a more modest 10% growth for 2024.

Future Fund’s Gary Black, a Tesla investor said, this could lead to another round of 2024 earnings estimate reductions by analysts.

In premarket, the stock fell 1.97% to $184.43, according to Benzinga Pro data.

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See Also: Everything You Need To Know About Tesla Stock