Tesla Stock Climbs Over 3% In Tuesday Pre-Market: What's Going On?

The shares of Tesla Inc. TSLA climbed 3.2% during the pre-market trading session on Tuesday amid reports of the EV maker ramping up production in China and ahead of its Q1 delivery numbers.What Happened: The Elon Musk-led company is currently working on ramping up production of its updated Model Y and has also introduced interest-free loans to stimulate sales in mainland China, the largest EV market globally, reported The South China Morning Post.As per Tesla’s China website, the delivery time for the long-range variant of the Model Y has been reduced from 6-10 weeks to 3-5 weeks. This reduction suggests an uptick in production at Tesla’s Shanghai Gigafactory, as per two sales managers.Tesla is offering a three-year interest-free loan for the long-range Model Y variant, priced at 313,500 yuan ($43,197.29). This promotion, available until the end of April, can save buyers over 10,000 yuan ($1,375) in interest. Furthermore, investors also await Tesla’s Q1 delivery numbers on April 2. Wall Street anticipates that Tesla will have delivered approximately 373,000 vehicles during the January-March period, based on an average of 15 analysts’ estimates from Visible Alpha, as reported by Reuters. The EV maker managed to deliver 387,000 cars in Q1 2024. The updated forecast comes at a time when Tesla is experiencing a sluggish beginning to the year.See Also: S&P 500 Just Had Its Worst Quarter vs. Global Stocks Since 1988: What’s Driving The RoutWhy It Matters: Meanwhile, Tesla’s sales in key European markets like France and Sweden have been on a downward trend for the third consecutive month in March, contributing to the lowest Q1 sales figures in these countries since 2021. In March, Tesla registered car sales in France dropped over 36%, while in Sweden, it plunged nearly 64% from last year.These figures are expected to provide crucial insights into Tesla’s global Q1 deliveries and consumer sentiment towards the brand.Meanwhile, Lucid LCID is seeing a "dramatic uptick" in orders from former Tesla customers. Lucid’s interim CEO, Marc Winteroff, reportedly mentioned at the end of last week that half of the orders in the past two months have been made by former Tesla drivers.Tesla holds a momentum rating of 90.20% and a growth rating of 67.66%, according to Benzinga's Proprietary Edge Rankings. For an in-depth report on more stocks and insights into growth opportunities, sign up for Benzinga Edge.Read Next:Elon Musk’s ‘Baby Mama’ Sells $100K Tesla After 60% Child Support Cut, MAGA Influencer Says She’s ‘Not the Only One Who Is Cleaning Up After His Messes’Image via ShutterstockDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.