Shares of electric vehicle market Tesla rose in premarket trading on Monday, suggesting the stock could extend its winning streak to a fifth straight session.
The buoyancy reflects investors’ optimism after the company officially confirmed through a tweet that the first Cybertruck has rolled off the production line at its Giga Texas plant. Tesla fans and analysts are convinced that the electric pickup truck will launch on schedule by the late-third quarter. The newest vehicle from Tesla was first announced by CEO Elon Musk in Nov. 2019.
Future Fund’s Gary Black expects the Cybertruck to help boost the company’s volume when production ramps up in 2024. The analyst sees the vehicle having a “halo effect” on the sales of Tesla’s other vehicles.