Elon Musk first presented the Cybertruck in 2019.
Photograph by Frederic J. Brown/AFP via Getty Images
Tesla stock was rising on Monday after the electric vehicle maker produced the first Cybertruck on its assembly line in Austin, Texas. The electric pickup is the company’s first major launch since the Model Y in early 2020.
The new truck enters an increasingly crowded market for electric pickups.
(ticker: RIVN) has its R1T battery-powered truck.
(F) makes the F-150 Lightning. And
(GM) launches the electric Silverado this year.
Rivian’s business is mostly electric pickups, so it makes sense that its shares were reacting the most of the three on Monday, with a loss of 0.9% in premarket trading. Ford and GM stocks weren’t doing much.
shares got a Cybertruck boost, rising 1.6% to $286. Futures on the
were down 0.1%.
futures are flat.
A point to remember is that one truck won’t be enough to help Tesla shares out for long. Just how many Cybertrucks Tesla can build and deliver in the second half of 2023 will go a long way to determining how the stock will perform the rest of the year.
The Cybertruck’s arrival is a positive for the company, but there are still plenty of questions to be answered. Prices were originally set at roughly $40,000 to $70,000, but that was back in 2019, before inflation took hold.
Whether Tesla will keep the…