Earlier this year, Tesla (NASDAQ:TSLA) fans received some disappointing news that the company’s long-awaited Cybertruck would be delayed. However, yesterday brought some better news when CEO Elon Musk provided an update on the new electric vehicle (EV). Now, TSLA stock is up with several factors driving momentum.
This week has already seen plenty of big news for TSLA stock. With yesterday’s delivery day at the Berlin Gigafactory and the recent update on Tesla’s GigaFest in Texas, it’s no wonder that shares have been rising. As of this writing, the stock is up 2% for the day and looks ready to keep climbing.
Maybe most exciting, though, is that the Berlin delivery day brought an exciting update on the Cybertruck. When asked about Tesla’s short-term goals, Musk said the company was working to move forward on the EV. The CEO stated, “We want to complete the development of Cybertruck this year and be ready for production next year.”
Here’s what investors should know moving forward.
What’s Happening with TSLA Stock?
Fans have been buzzing about the Tesla Cybertruck ever since images of the vehicle were first released. Of course, on the latest fourth-quarter earnings call, Musk admitted the EV would likely be delayed. The CEO provided no specifications as to what people could expect.
That wasn’t the only update, however. According to Electrek, Musk added that the company would aim to complete the engineering of its new Tesla Roadster in 2022. Additionally, it’s aiming to procure more batteries this year for its Tesla Semi truck production.
All of these goals should excite Tesla fans while also reassuring investors. A few months ago, they seemed far off. Suddenly, Tesla looks that much closer to reaching milestones.
And even if Tesla doesn’t meet some of these marks by the end of 2022, TSLA stock should still rise on momentum. Tesla has missed plenty of deadlines, but that has never kept shares down for long. The company has repeatedly proven why it’s the leader of the EV race.
Looking forward, it’s not surprising that Musk seems to be reprioritizing the development of the Cybertruck, either. Two company rivals — Rivian (NASDAQ:RIVN) and General Motors (NYSE:GM) — have already produced their own EV trucks. Tesla isn’t keen on losing market share. That means redoubling its focus on the futuristic-looking Cybertruck.
What It Means
TSLA stock has been on a winning streak this month — and it isn’t likely to stop as the next GigaFest draws near. The combination of two major events scheduled close together has created the momentum Tesla needs to start recovering some of its lost ground from recent months.
Now, the new Cybertruck update from Musk is breathing further life into TSLA stock. While it’s still unknown specifically when the Cybertruck and Roadster will roll out, investors can be sure that anticipation will help drive shares for months to come.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.