Tesla Inc. TSLA Stocks retire in the front market the first trading session of the new year.

What happened: The immediate trigger is that of Tesla Delivery report for the fourth quarter that was released on Monday. The company posted record quarterly sales of 405,278 cars and record annual deliveries of 1.314 million units.

See also: The best stocks for electric vehicles

Still, delivery growth of 40.34% in 2022 fell short of Tesla’s long-term goal of 50% growth. The numbers also missed dovish Street forecasts.

Tesla hinted that the shortage may have to do with logistics, as the number of vehicles in transit has increased.

If premarket losses continue, the stock could break near-term support around $110. Further down, $94.5 could serve as the next support.

However, index futures point to a particularly strong start on Tuesday. If broader market sentiment lifts the stock, it could recoup its premarket losses and settle around its recent trading range. On the upside, the stock has resistances around the $29 and $146 levels.

Price promotion: Tesla shares, which have fallen about 65% in 2022, were trading down 2.34% in premarket trading on Tuesday, at $120.30 Benzinga per dates.