: Tesla investors brace for unveiling of Cybertruck on Thursday

Tesla Inc.’s stock TSLA was up 0.4% premarket, as investors braced for the unveiling this week of its much-awaited Cybertruck, which should show doubters that Chief Executive Elon Musk can expand the company’s halo effect. That’s according to Wedbush analyst Dan Ives. “This is another historical moment for Tesla and Musk with the Cybertruck unveil as the Street is excited to see the formal vehicle launch featuring the dual-motor trim and its top-level tri-motor AWD performance model along with updates regarding production and scaling of the Cybertruck platform which is expected to be ~250k units per year by FY25,” Ives wrote in a note to clients on Tuesday. The event is planned for Thursday afternoon and Ives is expecting the company to churn out 2,000 to 3,000 units this quarter. The first 10,000-unit quarter is expecting to come in the first half of 2024, while the reservation count and pre-orders have reportedly already topped 2 million units, suggesting strong demand. “We believe updated pricing will come out at Thursday’s event on each of the trim levels as the company scales the Cybertruck production story to give more clarity to the Street,” wrote Ives. “Whisper numbers for the single motor are in the ~$50k range, with prices for the dual and tri-motor variants likely to be in the $60k – $80k range.” Wedbush has an outperform rating on Tesla and $310 price target. Tesla’s stock has gained 92% in the year to date, while the S&P 500 SPX has gained 18.5%.

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