June 29, 2022

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Tesla Stock: Cybertruck Makes Cameo At Tesla Austin Plant Opening

2 min read

Tesla (TSLA) delivered roughly a handful of Model Ys at its Texas factory launch Thursday night. Meanwhile, the EV maker continues to deal with a factory shutdown in Shanghai due to a surge in Covid cases. State regulators in China also said Tesla would need to provide a safety-related software update to fix a semiconductor component on more than 127,000 Model 3s. Tesla stock rose slightly Thursday.


Tesla’s event in Austin, called Cyber Rodeo, marked the opening of its $1.1 billion factory in Texas.

Giga Austin Model Ys will be the first to feature Tesla’s new structural battery pack and 4680 battery cells. It’s unclear if all Model Ys produced in Austin will include the new battery packs, which are a larger, cylindrical cell that Tesla says produces six times the power and five times the energy capacity while reducing cost.

CEO Elon Musk spoke for less than 30 minutes at Thursday’s event, before several Model Ys were driven across the stage. Tesla’s Cybertruck made an appearance afterwards, with Musk pointing out a new feature: It has no handles, since it apparently automatically knows when the driver is nearby. Musk said Tesla plans to begin production of the CyberTruck next year.

“This year is all about scaling up, and next year there is going to be a massive wave of new products,” he said. Musk also touted the Roadster and Semi for next year.

The Texas factory, together with the new Berlin factory, is expected to double Tesla’s annual production capacity to 2 million vehicles once volume production is achieved.

That won’t be an easy task, as chip shortages and other supply-chain constraints continue to hamper the auto industry overall.

Shanghai Factory Closure Extended

Rising Covid cases are also wreaking havoc at Tesla’s Shanghai factory, which has been shut down since last week due to strict government rules. It is now estimated it won’t reopen until at least Friday. The company twice tried to restart production this week, but was unable to do…

2022-04-07 23:03:28

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