Why Tesla Stock Is Up Today
What happened
Shares of Tesla (NASDAQ: TSLA) climbed on Wednesday, ahead of the electric vehicle (EV) leader's upcoming fourth-quarter earnings report. As of 2:40 p.m. ET, Tesla's stock price was up 6.4%.
So what
Tesla is scheduled to release its latest financial figures after the market close today. CEO Elon Musk is expected to speak during Tesla'searnings conference call which is slated to begin at 5:30 p.m.
Musk hasn't always participated in these calls with analysts. He prefers to spend his time on Tesla's strategy and operations. Yet he's said that he would attend if "there's something really important" he needs to say.
Tesla's Cybertruck. Image source: Tesla.
Leading up to the report, Musk took to Twitter to post about Tesla's much-awaited Cybertruck.
Been driving latest Cybertruck prototype around Giga Texas. It's awesome!
— Elon Musk (@elonmusk) January 26, 2022
Investors are hoping that Musk's tweet is a signal that Tesla is making progress toward launching the battery-powered light-duty truck. Musk announced the EV maker's intention to build the Cybertruck in 2019, with an anticipated production date in 2021. However, Tesla delayed the vehicle's release to late 2022, and Reuters recently reported that the company plans to push back production again until early 2023.
Now what
The Cybertruck marks Tesla's entry into the light-duty truck market, which is a sizable and typically lucrative segment of the overall automotive industry. Moreover, in the U.S., light trucks are projected to account for roughly three-quarters of all new vehicle sales, according to IHS Markit. Thus, positive news regarding the Cybertruck's impending launch would no doubt be celebrated by investors.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns and recommends Tesla and Twitter. The Motley Fool has a disclosure policy.
