Tesla CEO Elon Musk started off Tesla’s Earnings conference call with his warning of a “severe” recession this year, reiterating on his recent concerns about the state of the economy at large.
Musk announced a timeline of Cybertruck production going into the summer, with “volume production” starting into next year, 2024. Tesla’s growth estimates for this year is 38%, and the longer term growth rate is set at 50%.
Tesla’s stock jumped 10 percent as markets open on Thursday morning.
The major catalyst for the bullish sentiment is the confirmation of the Cybertruck production set for this year, which will likely will likely help drive growth. The Cybertruck will be a disruption not only to the truck segment of the market buy all types of SUV and Off-Road products like the Jeep Wrangler, Ford Bronco and Land Rover Defender, which are all in for a severe wake up call. It’s also likely that the Cybertruck will expand the customer demographic base quite considerably.
Tesla Stock Forecast & Analysis
The average analyst target price for Tesla, Inc. is $243.39 over the next 12 months, with an average analyst rating of “Buy”. Stock Target Advisor’s analysis of Tesla, Inc. is “Slightly Bullish,” based on 10 positive signals and 6 negative signals. The company’s stock price has increased by 12.15% over the past week, 17.28% over the past month, but has decreased by 52.82% over the last year.
The Cybertruck is a futuristic pickup truck developed and manufactured by Tesla, Inc. The vehicle was first unveiled in November 2019 and is set to be produced at Tesla’s factory in Fremont, California. It features a unique, angular design that is unlike any traditional pickup truck on the market. The Cybertruck is designed to be highly durable and capable of handling extreme conditions, with features such as armored glass and a “bulletproof” exoskeleton. It also has a towing capacity of up to 14,000 pounds and has a range of over 500 miles on a single charge. The Cybertruck’s production timeline has been delayed to the summer of 2023 with “volume production” commencing in 2024, according to Elon Musk during the earnings call.