We are just a few hours away from today’s Tesla (NASDAQ:TSLA) GigaFest. The event, also called the Cyber Rodeo, marks the opening of the electric vehicle (EV) producer’s new factory based in Austin, Texas. This facility serves as a production hub for the Model Y. Today, though, a lucky 15,000 people will be able to see what else is going on behind its doors. TSLA stock is currently trading flat, but this highly anticipated event promises to generate more momentum for shares.
For all the hype that has surrounded GigaFest, this week has still been difficult for TSLA stock. Shares rose this morning but were quick to fall after an hour or so. However, they have since picked up new upward momentum.
GigaFest is set to begin at 4 p.m. Central Standard Time. Shares of Tesla will likely rise as the event draws closer and closer.
What’s Happening with TSLA Stock?
Less than one month ago, Tesla successfully pulled off the grand opening of Gigafactory Berlin-Brandenburg. The event featured everything from product updates to CEO Elon Musk dancing. While investors don’t know if the dancing will carry over to Cyber Rodeo, they should certainly expect updates on new company innovations.
Gigafactory Texas’ primary focus will be Model Y production. However, a Tesla Semi truck was also spotted recently on the facility grounds. This suggests attendees will also be able to see the heavy-duty electric truck up close at the event.
TSLA stock popped after Musk provided a promising update on the Cybertruck at the Berlin event. Now, reports indicate that Tesla plans to shift production of the Semi to the Austin-based facility. If it begins mass-producing the EV there, shares will see a significant spike as orders roll in.
Of course, it should also be noted that the name Cyber Rodeo is likely a nod to the highly anticipated Cybertruck. The EV won’t be made for months, but the CEO clearly understands the need to keep enthusiasts excited about its pending arrival.
Finally, the GigaFest will likely bring an update on Tesla’s battery progress as well. Part of the importance of the Texas facility is the capacity it provides for battery production. It’s vital for the company’s expansion as it scales for both EVs and batteries. Barring any future complications, the Austin factory will allow Tesla to do both and drive up TSLA stock as a result.
What It Means
Only 15,000 people received invitations to GigaFest, but all eyes will be on the event as it kicks off today. Will it drive momentum for TSLA? Yes, without a doubt. But investors should be more focused on the insights the event will provide into future plans. Musk is clearly focused on expansion and scaling production. The event also comes at a time when Tesla is riding high from a new quarterly sales record.
Tesla has proven it can withstand supply-chain shortages and continue pushing forward. Now, GigaFest should give investors a preview of what to expect as Tesla maneuvers through the EV race. Looking forward, expect TSLA stock to keep on rising.
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.
