Electric vehicle giant Tesla Inc TSLA has launched a Cybertruck Delivery Event shareholder lottery to determine which shareholders will be attending the much-awaited event to be held at Gigafactory Texas on Nov. 30.
What Happened: Only a limited number of shareholders will be able to attend the event in person owing to limited capacity, the company said on its website.
“To maximize fairness, we are conducting a random drawing to determine shareholders' eligibility to attend. Shareholders with active shares as of September 30, 2023 may apply,” Tesla wrote.
Shareholders can apply for the drawing by verifying their Tesla stock ownership as of Sept. 30. The deadline to enter the drawing is Friday, Nov. 3, and selections will be announced during the week of Nov. 6. No purchase or payment is needed to enter or be selected in the drawing.
If selected, shareholders cannot, however, transfer their invites.
“Any attempt to transfer an invitation to any other person will be void and will result in such invitation being rescinded,” Tesla warned.
Why It Matters: During the company’s third quarter earnings call earlier this month, Tesla CEO Elon Musk said that it would take a year to 18 months from initial deliveries before the Cybertruck is a significant positive cash flow contributor to the company at a price people can afford. Musk did not, however, divulge the price range of the new vehicle.
The company sees delivering roughly 0.25 million Cybertrucks in a year eventually. However, this might not happen next year, Musk warned.
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