Tesla, Inc. TSLA Stocks were more than 2% lower in premarket trading On Monday.

The Texas-based electric vehicle pioneer reported Sunday Deliveries in the first quarter with 422,875 units, ahead of the company-compiled consensus estimate of 421,500 units.

The balance sheet marked a quarterly record, representing a 36.39% year-over-year increase and a 4.34% quarter-on-quarter increase.

Road concerns may stem from volume growth not being strong enough to reach an annualized pace of 2 million for the year. Also, analysts have begun to raise the specter of margin impacts from the sharp price cuts. Wedbushs Daniel Ive said an auto margin north of 20% could be the key threshold in the coming quarters.

See also: Everything you need to know about Tesla stock

More clarity on this could be obtained if the Elon MuskThe managed company announces its first quarter results on April 19th.

Some of the weakness may have to do with market-wide concerns over the rise in oil prices and the rise in bond yields.

After a 66% drop in 2022, Tesla shares have seen a turnaround this year. Year-to-date, the stock is up about 68.4%.

If the stock breaks down the $200 psychological support, it could drop towards the next $196 support area. Further down, it has support around its 200-saying simple moving average of $176.17. On the upside, the $228 level might act as resistance.

Price promotion: In premarket trading on Monday, Tesla fell $2.31 to $202.65 Benzinga Pro data.

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