Tesla Inc. TSLA shares are seeing movement Wednesday. Here’s what you need to know.
What To Know: Tesla has introduced a $3,000 winter tire package for its highly anticipated Cybertruck. This package, available in the company's online shop, includes four specialized wheels, tires designed for winter conditions and tire pressure sensors to enhance traction, stability and braking efficiency in cold temperatures.
What Happened: The company is also preparing for increased Cybertruck activity during the upcoming winter months. The package addresses potential concerns regarding the Cybertruck’s performance in snow and ice, a topic that surfaced last year when social media videos suggested the vehicle struggled in snowy conditions. In January, Tesla CEO Elon Musk refuted these claims by asserting that the Cybertruck is “excellent” in snow.
Last month, Wes Morrill, the lead engineer for the Cybertruck, recommended all-terrain tires for snowy conditions but acknowledged that these are not ideal for severe winter weather. He hinted that Tesla would soon offer a dedicated winter tire package, which has now materialized.
Why It Matters: The introduction of the winter tire package is significant as Tesla ramps up Cybertruck production with goals of delivering 250,000 units by 2025.
This product launch also comes as Tesla expands its influence in the electric vehicle market. Kelley Blue Book estimates that Tesla sold 8,755 Cybertrucks in the second quarter of 2024, with 2,803 units sold in the first quarter. As the company continues to scale production, offerings like the winter package could attract customers in colder climates.
Price Action: Tesla shares are currently trading at $219.06, up by 4.02% as of the latest session according to Benzinga Pro.
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