What's Draining Tesla Stock Premarket Today?

Shares of electric-vehicle maker Tesla, Inc. TSLA fell in premarket trading on Tuesday despite most of its mega-cap peers advancing.

Weekly insurance registrations for Tesla vehicles came in at 13,100 for the week of May 20-26, CnEVPost reported, citing data shared by Li Auto, Inc. LI. This marked a 5.8% week-over-week drop from the 13,900 registrations reported for the previous week. So far this month, Tesla’s China EV registrations stand at 43,900 units.

BYD topped the list with 55,000 new-energy vehicle registrations, which include both EVs and hybrids.

The data comes on the heels of a Reuters report stating that Tesla has cut Giga Shanghai's output of the company's bestselling Model Y EV by a double-digit percentage since March, reflecting weaker demand.

The next catalysts for the stock are the June quarter deliveries report, due in early July, and the upcoming Robotaxi unveil on Aug. 8.

In premarket, Tesla shed 0.88% to $177.67, according to Benzinga Pro data.

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