TSLA pops premarket despite Q4 deliveries missing estimates, market looking past the numbers?

TSLA is up over 2% in premarket trading, even though its Q4 delivery and production numbers came in below expectations.

Here are the key figures from the release:

Q4 deliveries: 418,227 vehicles

(vs. estimates around 440,907)

Q4 production: 434,358 vehicles

(vs. projected \~470,780)

Full-year 2025 deliveries: 1,636,129 vehicles

On the surface, this looks like a miss across both deliveries and production, which would normally pressure the stock. Yet the market reaction is clearly positive heading into the open.

A few possible reasons for the move:

Expectations may have already been lowered going into the print

Investors could be focusing more on margin stabilization, AI/robotics, autonomy, or longer-term narratives rather than near-term unit counts

Positioning and short-term flows dominating the open rather than fundamentals

This sets up an interesting question for today’s session:

Is this strength sustainable, or is it just a knee‑jerk premarket reaction before the market digests the numbers more fully?

Curious how others are reading this, bullish resilience, or a setup for volatility once regular trading kicks in?