Tesla Inc. TSLA shares are retreating in the premarket of the first trading session of the new year.
What Happened: The immediate trigger is Tesla's fourth-quarter deliveries report that was released on Monday. The company delivered record quarterly sales of 405,278 cars and record annual deliveries of 1.314 million units.
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Nevertheless, the 2022 delivery growth of 40.34% trailed Tesla's long-term target of 50% growth. The numbers also missed the tempered Street forecasts.
Tesla implied that the shortfall may have to do with logistics as there was an increase in the number of vehicles in transit.
If premarket losses are sustained, the stock could look to breach through near-term support around $110. Further down, $94.5 could serve as the next support.
The index futures, however, point to a notably strong start on Tuesday. If the broader market sentiment lifts the stock, it could recoup its premarket losses and settle around its recent trading range. On the upside, the stock has resistances around the $29 and $146 levels.
Price Action: Tesla stock, which fell about 65% in 2022, traded 2.34% lower, at $120.30 in premarket trading on Tuesday, according to Benzinga pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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