Elon Musk gives new Tesla Cybertruck update - but don't get excited
Tesla Inc. TSLA CEO Elon Musk provided an update on the company's highly anticipated Cybertruck at an event on Wednesday as part of the new headquarters announcement company's technical team in Palo Alto, California.
What Happened: With Musk around, will there be a shortage of excitement? Among the multitude of issues he shared was the reiteration of the Cybertruck's timeline. The billionaire confirmed that the Cybertruck would arrive later this year and called the vehicle "epic".
See also: Everything you need to know about Tesla stock
There are a whole bunch of pre-production units for the public to check out, Musk said. “It will change the way the roads look,” he added.
Tesla's official Twitter account shared a collage showing the evolution of the company and captioned it as follows: "Tesla started as a long-time startup , founded 20 years ago in San Carlos. We are now the largest manufacturing employer in California!"
Musk's response to the tweet showed Cybertruck as the next vehicle in Tesla's stable after the Semi, which went on sale late last year.
Why it matters: Cybertruck is expected to boost Tesla's sagging vehicle volume. While Wall Street forecasts 92,000 units for 2024, actual shipments could be in the 200,000-unit range, adding $0.40 per share to incremental earnings per share, said Future Fund's Gary Black.
Earlier this month, reacting to a video of the Cybertruck shared by Drive Tesla Canada, Musk said, "Many more tweaks to improve it (and the side mirrors are removable by the owner), but this is very close to the production design.”
When it finally arrives, the Cybertruck will take on Rivian Automotive Inc.'s RIVN R1T and Ford Motor Company's F Lightning EV pickup.
Price Action: Tesla closed Wednesday session up 1.77%, at $200.86, and added a further 0.77% increase in trade after hours, according to Benzinga Pro data.
Read next: Forget Tesla's lucid overtaking, analyst says EV maker may be heading for Titanic's fate instead
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tesla Inc. TSLA CEO Elon Musk provided an update on the company's highly anticipated Cybertruck at an event on Wednesday as part of the new headquarters announcement company's technical team in Palo Alto, California.
What Happened: With Musk around, will there be a shortage of excitement? Among the multitude of issues he shared was the reiteration of the Cybertruck's timeline. The billionaire confirmed that the Cybertruck would arrive later this year and called the vehicle "epic".
See also: Everything you need to know about Tesla stock
There are a whole bunch of pre-production units for the public to check out, Musk said. “It will change the way the roads look,” he added.
Tesla's official Twitter account shared a collage showing the evolution of the company and captioned it as follows: "Tesla started as a long-time startup , founded 20 years ago in San Carlos. We are now the largest manufacturing employer in California!"
Musk's response to the tweet showed Cybertruck as the next vehicle in Tesla's stable after the Semi, which went on sale late last year.
Why it matters: Cybertruck is expected to boost Tesla's sagging vehicle volume. While Wall Street forecasts 92,000 units for 2024, actual shipments could be in the 200,000-unit range, adding $0.40 per share to incremental earnings per share, said Future Fund's Gary Black.
Earlier this month, reacting to a video of the Cybertruck shared by Drive Tesla Canada, Musk said, "Many more tweaks to improve it (and the side mirrors are removable by the owner), but this is very close to the production design.”
When it finally arrives, the Cybertruck will take on Rivian Automotive Inc.'s RIVN R1T and Ford Motor Company's F Lightning EV pickup.
Price Action: Tesla closed Wednesday session up 1.77%, at $200.86, and added a further 0.77% increase in trade after hours, according to Benzinga Pro data.
Read next: Forget Tesla's lucid overtaking, analyst says EV maker may be heading for Titanic's fate instead
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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