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Get Ready for Semi Trucks, Cybertrucks to Lift TSLA Stock

  • Tesla (TSLA) stock is climbing after CEO Elon Musk gave more information about the upcoming releases of the Cybertruck and Semi Truck.
  • Musk confirmed Tesla would start delivering the Semi Truck later this year and the Cybertruck in 2023.
  • The CEO also just sold about $6.9 billion worth of TSLA stock.
Tesla (TSLA) badge on steering wheel of car
Source: Christopher Lyzcen / Shutterstock.com

Tesla (NASDAQ:TSLA) stock is climbing this morning after CEO Elon Musk confirmed the company would start delivering its long-anticipated Semi Truck later this year. Musk also revealed that deliveries of the Tesla Cybertruck will kick off in 2023.

Of course, this announcement is exciting for investors. But it’s not all good news for Tesla today. On a more negative note, Musk has unloaded nearly 8 million shares of TSLA stock this month. That amounts to about $6.9 billion.

Here’s what TSLA investors should know moving forward.

TSLA Stock: The Semi Truck and the Cybertruck

Tesla first introduced the Semi Truck in 2017. A full-size semi with 500 miles of range, the electric vehicle (EV) maker initially said it would start producing the vehicle in 2019, according to Electrek. However, the automaker eventually delayed production of the EV until 2022 due to difficulties related to battery components.

Now, though, Musk says the semi will start shipping this year. According to Seeking Alpha, Tesla has a “significant backlog” for the Semi Truck as well. For example, PepsiCo (NASDAQ:PEP) has already ordered 100 of the “massive” EVs.

First introduced in 2019, the Cybertruck is now set to roll out in 2023 as well. The EV is designed to compete with pickup trucks from the likes of Ford (NYSE:F) and General Motors (NYSE:GM). Featuring a futuristic appearance, “the Cybertruck can tow up to 14,000 pounds and has an estimated driving range of 500-plus miles,” according to Car and Driver.

Elon Musk Sells Tesla Stock

Tesla may have two new EVs on the way, but today’s news is not all great for TSLA investors. Specifically, investors may be concerned with the fact that Musk has sold off nearly $6.9 billion worth of shares this month, according to U.S. Securities and Exchange Commission (SEC) filings. Musk says he sold the shares to prepare for a potential scenario in which he has to buy Twitter (NYSE:TWTR) without the help of some of his acquisition partners.

In July, Musk backed out from a deal to buy the platform. Now, the company is pursuing the Tesla CEO in court. Basically, Twitter is trying to force Musk to honor the terms of the agreement despite his claims about the platform’s bot count.

Yesterday, Musk said he would not sell anymore TSLA stock, but the CEO made a similar promise in April.

On the date of publication, Larry Ramer 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.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/get-ready-for-semi-trucks-cybertrucks-to-lift-tsla-stock/.

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