The imminent launch of the Cybertruck is one factor that has driven Tesla, Inc. TSLA stock solidly higher in recent sessions. Information shared by a Twitter user hints the electric vehicle maker’s highly-anticipated product could be moving closer to commercialization.
What Happened: Multiple shots of a camouflaged Cybertruck that was driving through Palo Alto roads were shared by a user on the Cybertruckownersclub.com forum.
When a Tesla influencer shared the photos on Twitter, Tesla CEO Elon Musk said, “Good thing we used camo lol.” This should put to rest some of the doubts regarding the photos having been generated by CGI.
The Tesla influencer also shared a video of the camouflaged Cybertruck being driven by Tesla engineers through the In-N-Out Burger drive-through. Responding to the tweet, Musk said, “It’s a tradition.”
This prompted a comment regarding delivery start timing from the Tesla influencer. “So, end of September still looking good for the delivery event then?” he asked.
Another user wondered whether this was a tradition when a vehicle has been finalized before production.
Why It’s Important: As Tesla shares have taken off in a big way, these positive updates about Cybertruck could give them a further lift. Tesla fans have been hyping the company’s Cybertruck launch as the iPhone moment for the car maker.
Fund manager Gary Black recently tweeted that the fourth-quarter Cybertruck deliveries launch is reminiscent of the Model Y launch in 2020-21. While noting that the Model Y significantly expanded Tesla’s total addressable market as it entered the rapidly growing crossover utility vehicle segment, Black said the same will be true with the Cybertruck in 2024 in the EV delivery pickup truck market.
He noted that Tesla shares jumped 743% in 2020 as estimates soared on the back of the Model Y launch. He said that a repeat of the staggering gains might not be likely as some of the 2020 gains came due to the COVID-19 recession that led the Fed to inject monetary policy stimulus. The fund manager, however, expects meaningful stock price appreciation driven by the Cybertruck launch.
Tesla closed Tuesday’s session 3.55% higher at $258.71, according to Benzinga Pro data.
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