Shares of electric vehicle market Tesla, Inc. TSLA rose in premarket trading on Monday, suggesting the stock could extend its winning streak to a fifth straight session.
The buoyancy reflects investors’ optimism after the company officially confirmed through a tweet that the first Cybertruck has rolled off the production line at its Giga Texas plant. Tesla fans and analysts are convinced that the electric pickup truck will launch on schedule by the late-third quarter. The newest vehicle from Tesla was first announced by CEO Elon Musk in Nov. 2019.
Future Fund’s Gary Black expects the Cybertruck to help boost the company’s volume when production ramps up in 2024. The analyst sees the vehicle having a “halo effect” on the sales of Tesla’s other vehicles.
Additionally, Tesla investors also look ahead to the company’s second-quarter earnings report due Wednesday after the close. Analysts, on average, expect adjusted earnings per share of $0.81 and revenue of $24.53 billion. More importantly, investors expect the company to confirm on the earnings call that margins have bottomed and would inflect higher in the coming quarters.
In premarket trading on Monday, Tesla rallied 1.86% to $286.60, according to Benzinga Pro data. If the premarket gains hold, the stock could race off to the highest level this year.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
