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Tesla Stock Rebounds From Pre-Christmas Session’s Losses: What’s Driving The Upside?

Tesla is on track to report record quarterly revenue in China, which in turn bodes well for the global delivery numbers due next week.
byShanthi Rexaline
December 26, 2023
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Shares of Tesla, Inc. (NASDAQ:TSLA) rose in premarket trading on Tuesday as the market reopens after Monday’s Christmas Day holiday.

The upside may be related to strong China weekly insurance registrations for Tesla’s made-in-China electric vehicles. The metric came in at 18,500 for the week of December 18-24, CnEVPost BYDDF). BYD sells both hybrids and battery EVs.

Commenting on the data, Future Fund’s Gary Black said, “China continues to crush it.” With one week to go, Tesla’s fourth-quarter EV insurance registrations already exceeded the record quarterly total of 156,700 EVs, he said.

The data bodes well for the company as it is due to report its fourth-quarter global delivery numbers early next week. The company’s year-to-date global deliveries total 1,324,074, leaving the company 475,926 units short of hitting the 1.8-million annual delivery goal.

In premarket trading on Tuesday, Tesla rose 0.59% to $254.03, according to Benzinga Pro data. The stock ended Friday’s session down 0.77% at $252.54.

See Also: Best Electric Vehicle Stocks

 
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