Tesla Stock Surges After Giga Austin Plant Produces the First Cybertruck

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Electric vehicle maker Tesla announced on Sunday that their production facility in Giga Austin made the first Cybertruck pickup. The news caused the company’s shares to its highest mark in almost a year.

Tesla unveiled Cybertruck back in November 2019 and received 250,000 preorders in less than a week. Since then, the highly anticipated EV pickup faced some challenges that delayed production before Tesla CEO Elon Musk announced that the first units would find their way to customers in the third quarter of 2023.

The shares of Tesla dipped as low as $108 in early January before doubling up in value by the end of the month. Following the news about the first Cybertruck being produced in the Giga Austin plant, Tesla stock had a strong opening on Monday, reaching a price of $290.80 per share at one point.

Wall Street analysts expect Tesla shares to continue being on the rise in the following months, especially if the company delivers on its promise to start delivering Cybertruck to customers. The plans to build a new factory in Mexico and the expected introduction of new Tesla coupe models should also work in favor of keeping the stock strong.