Tesla Inc. CEO Elon Musk recently took to Twitter to announce that the company is planning to start selling its highly anticipated Cybertrucks on November 30th. Despite a slight earnings miss, this news had a positive impact on Tesla’s stock, with shares rising during the extended session on Wednesday.
Musk also shared a tweet from Tesla, highlighting a “Q3 shareholders update,” which confirmed the November 30th event. Although Tesla’s letter to shareholders did not specify a specific date for the first Cybertruck sales, it did indicate that they would occur later this year.
The Cybertruck, which first debuted as a prototype in late 2019, has faced several delays. However, with a strong demand for pickups and SUVs in the U.S. market, especially electric ones, the Cybertruck is expected to be a game-changer. Apart from Rivian Automotive Inc.’s offerings and the Ford Lightning (the electric version of Ford Motor Co.’s best-selling F-150 truck), there are limited options available for electric pickups.
Despite an initial dip of 4.8% in Tesla’s stock during regular trading hours on Wednesday, shares saw a rally in the extended session. So far this year, Tesla’s stock has more than doubled, outperforming the S&P 500 index, which has only seen a modest 13% increase.
With the upcoming launch of the Cybertruck, Tesla is poised to further disrupt the automotive industry and solidify its position as a leader in the electric vehicle market.