TeslaInc. TSLA CEO Elon Musk offered an update on the companys much-awaited Cybertruck at an event held on Wednesday in connection with the announcement of the companys new engineering headquarters in Palo Alto, California.
What Happened: With Musk around, will there be any dearth of excitement? Among the host of issues he shared was the reiteration of the timeline for the Cybertruck. The billionaire confirmed that the Cybertruck is coming later this year and called the vehicle epic.
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Theres a whole bunch of preproduction units that the audience can check out, Musk said.Its gonna change the look of the roads, he added.
Teslas official Twitter handle shared a collage showing the companys evolution and captioned it as Tesla began as a long-shot startup, founded 20 years ago in San Carlos. Now were Californias largest manufacturing employer!
Musks response to the tweet showed Cybertruck as the next vehicle from Teslas stable following the Semi, which was commercially made available late last year.
EV-1 -> Tzero -> Roadster -> S3XY -> Semi -> Cybertruck Elon Musk (@elonmusk) February 23, 2023Later, Musk shared a video of the Cybertruck at the Tesla Engineering Headquarters.
Cybertruck at Tesla Engineering HQ pic.twitter.com/2xo9Hjgfk9 Elon Musk (@elonmusk) February 23, 2023
Why Its Important: Cybertruck is expected to provide Teslas sagging vehicle volume a boost. While Wall Street is forecasting 92,000 units for 2024, the actual deliveries could be in the range of 200,000 units, adding $0.40 per share in incremental earnings per share, said Future Funds Gary Black said.
Earlier this month, reacting to a video of the Cybertruck shared by Drive Tesla Canada, Musk said, Still many tweaks to make it better (and the side mirrors are removable by owner) but this is very close to production design.
Yeah. Still many small tweaks to make it better (and the side mirrors are removable by owner), but this is very close to production design. Elon Musk (@elonmusk) February 3, 2023
When it finally arrives, the Cybertruck will be up against Rivian AutomotiveInc.s RIVN R1T and Ford Motor Companys F Lightning EV pickup truck.
Price Action: Tesla closed Wednesdays session up 1.77%, at $200.86, and added an incremental 0.77% in after-hours trading, according to Benzinga Pro data.
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