Tesla stock (TSLA) is charging higher on Monday after the electric vehicle maker announced its long-awaited Cybertruck pickup hit another big milestone.
In a tweet over the weekend, the company said the first Cybertruck was built at the company’s Giga Austin plant. Whether this was the first Cybertruck that rolled off the assembly line or the first “production” model that will be delivered to customers, versus a pre-verification build that automakers produce to test out the production process, is unclear.
First Cybertruck built at Giga Texas! 🤠 pic.twitter.com/ODRhHVsd0t— Tesla (@Tesla) July 15, 2023
But the fact of the matter is that it seems Tesla is on track for limited Cybertruck production later this year and its first customer delivery event in Q3, as CEO Elon Musk said would happen. As of mid-morning, shares are trading at their highest levels since September of last year.
News of the Cybertruck produced at Giga Austin is another positive news peg for the electric vehicle maker, which has seen shares surge in the first half of the year. Wall Street, in particular, is focused on the Cybertruck and its reception as the rollout of a new Tesla product is seen as another big catalyst for the stock.
“With Austin and Berlin continuing to ramp up, first deliveries of the Cybertruck expected by year-end, a forthcoming factory in Mexico, and lower-priced coupe that we believe will be introduced in 2024, we think Tesla remains one of the market’s most compelling growth stories,” CFRA analyst Garrett Nelson said in a note investors earlier this month.
The ripple effects were also seen today in the EV pickup space, where Ford just announced it was dramatically cutting prices for its F-150 Lightning pickup, only two days after Tesla announced news of the first Cybertruck built in Giga Austin. Ford and Tesla are also partners on charging, with Ford striking a deal with Tesla for access to its Supercharging network starting next year.
Just drove Cybertruck around Austin! pic.twitter.com/QN19Agqa7R— Elon Musk (@elonmusk) July 8, 2023
Rivian, another EV pickup rival that has a deal with Tesla to use its Supercharger network, also released a video touting its newer dual-motor electric powertrain system, which will be offered in its R1T and R1S SUV and will be around $8,000 cheaper than its current quad-motor setup.
As for Tesla, it’s a huge week for the company, as it will announce Q2 earnings after the bell on Wednesday, July 19.