Tesla, Inc. (NASDAQ:TSLA) shares rebounded in premarket trading on Tuesday, breaking a three-day winning streak from the previous session.
The positive movement may be partly attributed to encouraging data from China, revealing a notable increase in insurance registrations for Tesla vehicles during the week of Dec. 11-17. Gary Black of Future Fund commented on the data, noting a "monster 18.3K" insurance registrations, marking the third-highest week on record.
Quarter-to-date deliveries for Tesla China stood at 138,000, surpassing the third-quarter figures, with two weeks remaining in the current quarter. Black anticipates that Tesla is well-positioned to exceed the record second-quarter deliveries of 156,700.
$TSLA China insured registrations for the week of Dec 11-17 came in at a monster 18.3K, its third highest week ever, putting China 4Q at 138K with two weeks left, ahead of the entire 3Q and on pace to break the record China 2Q delivs of 156.7K. Source: @piloly @elonmusk... pic.twitter.com/dSfuNbgQuf
— Gary Black (@garyblack00) December 19, 2023
The stock may also find support from positive movements in index futures.
In premarket trading, the stock gained 0.34% to $252.93, according to Benzinga Pro data.
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