Tesla Cybertruck News: The Details (and Rumors) Sending TSLA Stock Higher

InvestorPlace2022-06-07

Tesla(TSLA) just bought a large-scale manufacturing device called a Giga Press.CEO Elon Musk has confirmed the press is for Cybertruck production.Progress on the highly anticipated electric vehicle (...

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Comments

ZEROHERO
2022-06-07
ZEROHERO
Pump Elon Pump
Yogi1995
2022-06-07
Yogi1995
Ok
Slee49
2022-06-07
Slee49
OK
VivianChua
2022-06-07
VivianChua
Nice Tesla💚💚💚
RW52
2022-06-07
RW52
Cool truck. Cool press. [Cool] [Like]
blessed_1
2022-06-07
blessed_1
Ok

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CEO Elon Musk also confirmed the company will use the machine to produce Cybertrucks.TSLA stock is up today, but it doesn’t seem to have much to do with this Cybertruck news. Rather, broad market forces are working in favor of shares. Specifically, Amazon’s(NASDAQ:AMZN) stock split has generated significant momentum for the tech sector. TSLA stock has also climbed on retail investor interest.Despite falling earlier today, shares are currently up more than 1%. This is a more reassuring performance than last week, when Tesla plunged about 9%.However, overshadowed by bigger news, investors shouldn’t overlook the new Cybertruck progress. It may mean big things for the future of the company.What’s Happening with TSLA Stock?When Elon Musk announced at the Cyber Rodeo that Cybertruck production would start in 2023, TSLA stock immediately popped. The heavy-duty EV has captured the interest of investors and auto enthusiasts alike since Tesla debuted the design in 2019. Competitors have produced similar vehicles since, but even General Motors’(NYSE:GM) EV Hummer hasn’t generated the same attention despite positive reviews.This isn’t the first time Tesla has ordered a Giga Press. In February 2021, the company drew attention when it tweeted a video of a 6,000-ton casting machine. The press was the largest of its kind at the time.Tesla’s new Giga Press is approximately 9,000 tons. Tech Times reports that Musk has also confirmed the new machine will be used to produce bodies for the Cybertruck.When Tesla first tweeted about its 6,000-ton press, it noted how the machine streamlines production. The first Giga Press allowed Tesla to start producing single front and rear bodies for the Model Y, replacing some 70 parts previously. The popular EV is now made with “both front and rear single-piece casting.”What It MeansTesla is clearly mastering this new aspect of EV manufacturing. 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Cool press.&nbsp;[Cool]&nbsp;[Like]&nbsp;","listText":"Cool truck. Cool press.&nbsp;[Cool]&nbsp;[Like]&nbsp;","text":"Cool truck. Cool press. 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