Tesla Shares Set for Losses Even as US Tech Futures Flash Green

US stock futures are pointing to gains when trading gets underway, but Tesla Inc. may get left behind.

(Bloomberg) — US stock futures are pointing to gains when trading gets underway, but Tesla Inc. may get left behind.

Shares of the electric-car maker fell 3.7% in premarket trading after fourth-quarter deliveries fell short of estimates. It’s a sign that investors are increasingly pessimistic on the company, even if they’re willing to return to other tech stocks.

Futures on the Nasdaq 100 Index were up 0.5% as of 6:32 a.m. in New York, and bellwethers like Apple Inc. and Amazon.com Inc. were in the green.

Another day of declines for Tesla would extend the stock’s 37% plunge in December, the fifth month of losses. The company is facing less demand than expected as it ramps up production capacity and concerns about Chief Executive Officer Elon Musk’s share sales and stretched leadership.

Tesla delivered 405,278 vehicles to customers in the last three months, short of the 420,760 average estimate compiled by Bloomberg.

Even with the recent losses, Tesla still commands a gigantic market capitalization. The company’s shares are valued at $389 billion, more than Toyota Motor Corp., General Motors Co., Stellantis NV and Ford Motor Co. combined.

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