BREAKING: Elon Musk Gives Cybertruck Update At 'Cyber Rodeo' Event

Tesla Inc TSLA CEO Elon Musk on Thursday said the automaker will begin making the hotly anticipated electric light-duty truck Cybertruck at the Giga Texas next year and follow up with more launches.

What Happened: The billionaire entrepreneur was speaking at the Cyber Rodeo event being held in Austin, Texas, to celebrate the opening of its newest factory.

“Cybertruck is coming next year and will be made in Texas,” Musk told a cheering crowd.

The billionaire entrepreneur said 2022 is all about scaling up and the next year will be a "massive scale of new product launches," adding that the company also plans to start making the electric Roadster and semi-trucks.

“We are here to talk about the past, present, and future,” Musk said as he drove in a Roadster.

The world’s richest man was sporting an all-black ensemble — tee shirt, shades, black trousers, and a black cowboy hat.

"We are entering a new phase of Tesla's future with six factories. We are scaling to extreme size.”

Why It Matters: Musk in January told analysts that Tesla wouldn't launch the Cybertruck or any new vehicle in 2022 as it battles chip shortages. 

Giga Texas is Tesla’s second gigafactory coming online in less than a month. The electric vehicle maker’s Giga Berlin was inaugurated last month and is its first factory in Europe. 

Price Action: Tesla stock closed 1.1% higher at $1,057.3 a share on Thursday, according to Benzinga Pro.