Excitement Builds Around Tesla’s New Roadster
Tesla’s stock saw a rise in early trading on Wednesday following CEO Elon Musk’s announcement about the long-awaited Roadster sports car.
Promising Details Unveiled
The electric-vehicle company’s shares increased by 0.1% to $200 in premarket trading. Meanwhile, S&P 500 futures were down by 0.1%, and Nasdaq Composite futures were up by 0.2%.
Musk shared on his X social-media platform that the production design for the Roadster is now finalized and will be unveiled by the end of the year. Additionally, he plans to start shipping the car next year, a delay from its original 2020 schedule.
Redefining the Sports Car Experience
In response to rival BYD’s recent unveiling of the Yangwang U9 electric sports car, Musk emphasized that Tesla’s Roadster is a collaboration between Tesla and SpaceX, stating, “There will never be another car like this, if you could even call it a car.”
He highlighted the incredible speed of 0-60 miles per hour in under one second, labeling it as the “least interesting part” of the vehicle’s features.
Market Reactions
The news from Tesla also impacted other companies in the market. NIO saw a 3.5% decrease in shares, Ford Motor stock dropped by 0.8%, General Motors stock declined by 0.6%, and Lucid stock fell by 1.9% in premarket trading.
Rivian shares were down by 1.5%, BYD stock faced a 2.9% decrease in Hong Kong trading, and Li Auto’s American depositary receipt was down by 4.24%.
Despite the positive reception to Tesla’s updates, the stock is still below its 52-week high of $299.29.
The Road Ahead
With trading volume remaining steady around its 65-day average, Tesla continues to generate interest and excitement among investors and enthusiasts alike. The anticipation for the new Roadster is building, with Musk’s promises shaping a future that could revolutionize the sports car industry.
