Tesla Inc. shares (TSLA) have climbed for the past four sessions, marking the stock's longest winning streak since a six-day rally that ended on May 14. 

However, analysts at Wells Fargo say early data points to another disappointing quarter for car deliveries.

While Tesla only reports global production and sales figures at the end of each quarter, monthly registration data from key international markets paints a worrisome picture. 

According to Germany's KBA, Tesla sales in the country dropped more than 36% in May compared to the same month last year, even as EV registrations overall rose 45%. 

A similar dynamic occurred in the U.K., where Tesla sales tumbled 45% while EV demand jumped 28%. Italy reported a nearly 41% surge in EV sales last month, but Tesla deliveries fell by 20%.

In China - Tesla's second-largest market - retail sales slumped 30% year-over-year to 38,588 units in May, according to figures from the China Passenger Car Association (CPCA).

Wells Fargo summarized the global picture as a "meaningfully weaker" performance. 

In a note to clients on Tuesday, the firm said Tesla's May deliveries are trending 23% lower than a year ago, while quarter-to-date data suggests a 21% decline. 

The research firm said all three core regions show double-digit year-over-year drops, with Europe being the weakest.

Despite the downbeat delivery trends, attention is now turning to the highly anticipated Robotaxi launch scheduled for June 22. Investors see it as a significant inflection point that could showcase the latest advancements in Tesla's Full Self-Driving software and validate CEO Elon Musk's long-promised autonomous future.

Still, Wells Fargo is staying bearish. The firm reiterated its 'Underweight' rating on Tesla with a $120 price target, which implies a 63% downside to the last close.

On Stocktwits, sentiment for TSLA remained at a 'bearish' level compared with a day ago, while 24-hour message volume fell by 11%.

Tesla's second-quarter delivery numbers and earnings report, which are due next month, will offer more clarity. 

Tesla shares are still down more than 16% for the year, making it one of the worst performers among the "Magnificent Seven" tech names.

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