The following is a report from Business Insider.
Tesla is expected to deliver 10 Cybertrucks at a launch event in Texas today, four years after CEO Elon Musk debuted the steel-clad vehicle. Production started earlier this year, with a series of sightings building hype for the futuristic-looking truck – but as of Tuesday, order holders still didn’t know how much it’ll cost.
The launch of Tesla’s Cybertruck will remind investors of the EV maker’s dominance and help propel it toward a $1 trillion market valuation, according to Wedbush.
In a Tuesday research note, tech analyst Dan Ives said the vehicle’s debut would be a “big moment” for Elon Musk’s company, maintaining his 12-month stock-price target of $310.
Tesla’s market capitalization would climb to $996 billion if shares hit that level, by Business Insider’s calculations.
“Launching Cybertruck is important for the broader Tesla growth story over the coming years and also will prove to the doubters that Musk can successfully expand the Tesla halo effect as more consumers head down the EV path,” Ives said.
The new product is unlikely “move the financial needle” for the EV maker in 2024 but will demonstrate to investors “the innovation and mind share lead that Tesla has built” versus legacy automakers, he said.
Read the full article at BusinessInsider.com here.
