Tesla stock was falling early Tuesday after rising for a third consecutive day on Monday, gaining 2% and closing at $184.76.
Product lineup extension at Tesla looked to be the biggest reason. Over the weekend, Tesla began offering a rear-wheel drive Model Y with a range of 320 miles per charge, starting at about $45,000. Before the change, the only rear-wheel drive Model Y had a per-charge range of 270 miles and started at about $43,000.
Investors on Tuesday will be digesting weak results from electric start-up Lucid. First-quarter sales were $173 million, but about $51 million came from the Saudi government, which owns a majority of Lucid stock. Excluding related-party transactions, sales fell almost 20% year over year.
Tesla stock was down 2.89% in premarket trading at $179.42.
Lucid stock was down 8.5% in premarket trading, while S&P 500 and Nasdaq Composite futures were up 0.1%% and down 0.1%, respectively.
Tesla, of course, dwarfs Lucid. First-quarter sales at Tesla totaled some $21 billion.
Still, Lucid's results are another example of slowing demand for electric vehicles at the higher end of the U.S. car market. The Saudi government paid more than $100,000 per Lucid vehicle purchased. The average revenue generated by a Tesla sale in the first quarter was about $44,000.
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