April is here, and with it, an exciting new update for Tesla (NASDAQ:TSLA) stock fans. Electric vehicle (EV) enthusiasts everywhere have spent years eagerly awaiting the release of the Tesla Cybertruck. Sometimes the hype behind it has been so strong that even vague updates have been enough to push TSLA stock up.
Elon Musk recently gave fans an update. Two days ago, he retweeted a company video of the Cybertruck crash test. Set to fast-paced music, the 36-second clip shows the futuristic vehicle heading toward a wall but stops just short of the crash. This caused frustration among many and prompted some to speculate that the whole video was an April Fools Day prank.
The next day, Musk posted about Cybertruck production at the Tesla gigafactory in Austin, Texas, though he did not provide any details on when they will be on the road. Is Tesla banking on the Cybertruck to usher in the turnaround that it needs? Let’s take a closer look at the recent update and what investors should be expecting.
Can the Cybertruck Supercharge TSLA Stock?
Tesla is dealing with mixed catalysts today as a new trading week begins. The company reported record EV deliveries for Q1 2023, but it still failed to meet Wall Street expectations. For that reason, TSLA stock is down today. As of this writing, it is down almost 6% for the day and looks primed to continue trending downward. And when a Cybertruck update can’t help boost shares, it’s never a good sign of Tesla.
On April 1, Must tweeted the following video, a few hours after it had been shared by Tesla’s company Twitter account:
Wait for it … https://t.co/md8WiqdgJf
— Elon Musk (@elonmusk) April 1, 2023
The next day, he informed followers that he had “walked whole Cybertruck production line at Giga Texas for several hours earlier today – gonna be awesome!” Musk added that the vehicle “feels like the future.”
None of Musk’s tweets revealed any concrete details about when the truck will be road ready. However, they still generated significant interest from his fans. One user, who claims to be a Tesla owner, commented that he looks forward to seeing the Cybertruck on the road “in a few months.” Musk did not respond to the tweet, indicating that there is still no set release date for it. Per the New York Times:
“Tesla said in an earnings report last month that it would begin producing the Cybertruck before the end of this year. But Mr. Musk qualified that statement during a conference call with analysts and investors, saying the company wouldn’t begin making the vehicle in large numbers until 2024. When Tesla unveiled the Cybertruck, it said the vehicle would go on sale in 2021.”
What Comes Next
There still is no clear date for when Tesla will release the Cybertruck. The video and tweet from Musk make it look like the vehicle is making progress, but the CEO has been accused of providing misleading information on vehicle safety before. The company has also been sued on allegations of false information regarding its autopilot features. All this makes it hard to trust a video that seems like it could be a joke anyway.
If the company issues any statements regarding an actual release date for the Cybertruck, it will likely send TSLA stock up. Until it does, however, it will be hard for teasers to generate any sustainable momentum.
On the date of publication, Samuel O’Brient did not have (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.
