Tesla (NASDAQ:TSLA) stock is falling on Tuesday after the company released its electric vehicle (EV) delivery data for the month of February.
The big news from this delivery update is the company shipping out 60,365 EVs from its Shanghai Gigafactory. That’s 19% lower than the deliveries reported by that same factory in February 2023.
Investors will note that it’s common for EV sales to drop in China during the Lunar New Year. So that explains some of the slowdown that Tesla experienced last month.
However, there are other issues at play here that traders need to keep in mind. Among these is a slowdown in demand that’s affecting the overall EV market. There’s also the fact that Tesla is facing stiffer competition from local Chinese EV companies, reports Investopedia.
What This Means for TSLA Stock
With the disappointing delivery data comes negative comments concerning TSAL stock from analysts. For example, Wedbush analyst Dan Ives said the following about the EV company’s delivery data to Reuters:
“It’s been a perfect storm of headwinds for Tesla in China. This was a negative data point that adds fuel to the fire around the stock.”
TSLA stock is down 2.7% as of Tuesday morning. This builds on a 7.2% decline during normal trading hours on Monday, which is when it reported the delivery data.
There are even more stock market stories that traders will need to know about today!
Fortunately, we have all of the hottest stock market stories ready to go for Tuesday! Among that is what’s happening with shares of GitLab (NASDAQ:GTLB) stock, Quoin Pharmaceuticals (NASDAQ:QNRX) stock and our trade of the day. All of that is ready to go at the links below!
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- Trade of the Day: Capitalize on AI Fever with the IGPT ETF
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
