Tesla Shares Set For Lackluster Kickoff In 2024: What's Holding Them Back?

Tesla, Inc. (NASDAQ:TSLA) shares edged lower in premarket trading on Tuesday, reflecting investor anxiety ahead of the company’s highly anticipated fourth-quarter deliveries report.

According to the consensus estimate compiled by Tesla and available to analysts, the projected delivery number stands at 480,483. Cumulative deliveries for the first three quarters reached 1,324,074, leaving the company approximately 475,926 units shy of achieving its ambitious 1.8-million full-year delivery goal.

Additionally, the company is expected to announce the release date for its fourth-quarter earnings.

Tesla’s fundamentals faced challenges in 2023 as demand failed to respond to a series of price cuts announced in the first half of the year. The economic environment remained challenging, with successive rate hikes by the Federal Reserve impacting consumer affordability.

Click here to access Benzinga’s detailed preview of Tesla’s fourth-quarter deliveries.

In premarket trading, the stock fell 0.02% to $248.43, according to Benzinga Pro data. Despite a 5.08% loss in the second half of 2023, the stock posted an impressive 101% gain last year.

See Also: Everything You Need To Know About Tesla Stock