Shares of Tesla, Inc. (NASDAQ: TSLA) are going up before the market opens on Monday. This suggests that the stock might continue its winning streak for the fifth day in a row.
Why is this happening? Well, Tesla just made a big announcement through a tweet. The company confirmed that the first Cybertruck has rolled off the production line at its Giga Texas plant. This news has made Tesla fans and analysts believe that the electric pickup truck will be launched on time, sometime in the late third quarter. The Cybertruck was first announced by CEO Elon Musk back in November 2019.
Gary Black, an analyst from the Future Fund, expects that the Cybertruck will help increase the company’s sales volume once production ramps up in 2024. He believes that the new vehicle will have a “halo effect” on the sales of Tesla’s other vehicles.
On top of that, Tesla investors are eagerly awaiting the company’s second-quarter earnings report, which is scheduled to be released on Wednesday after the market closes. Analysts, on average, expect the company to report adjusted earnings per share of $0.81 and revenue of $24.53 billion. What’s even more important to investors is that they expect Tesla to confirm during the earnings call that their profit margins have reached the lowest point and will start to improve in the coming quarters.
During pre-market trading today, Tesla’s stock jumped up by 1.93% to reach $286.90. If these gains hold when the market opens, the stock could reach its highest level this year.