| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
EV giant Tesla Inc (NASDAQ:TSLA) is seemingly ramping up production of the company’s Cybertruck, as seen in the recent drone footage of the company’s gigafactory in Texas.
What Happened: The drone footage by YouTuber Joe Tegtmeyer of Tesla’s gigafactory in Texas shows rows and rows of stainless steel vehicles lined outside the factory and awaiting deliveries. The footage was reportedly captured on Aug. 23 morning.
The YouTuber also shared a picture of at least 50 Cybertrucks parallel parked at the factory lot with the caption, “The Cybertruck Armada has activated.” Cybertruck lead engineer Wes Morrill also shared the image.
Tesla did not immediately respond to Benzinga's request for comment.
Why It Matters: Tesla started delivering the Cybertruck in November 2023 and is currently ramping up production with the aim of delivering 250,000 units starting in 2025. Tesla CEO Elon Musk has previously said that production, and not demand, is the biggest hurdle in ramping up Cybertruck deliveries.
According to Kelley Blue Book estimates, Tesla sold 8,755 Cybertrucks in the second quarter in the U.S., and 2,803 in the first quarter.
Tesla has touched a weekly production rate of 1,300 Cybertrucks, Musk said at Tesla’s annual shareholder meeting in early June. The company is looking to increase it further this year to touch 2,500 units by year-end, he added.
Cybertruck production is on track to achieve profitability by the end of the year, Tesla said last month.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More:
Photo: courtesy of Tesla
Posted In: TSLA
