close video Tesla still ‘well out in front’ of EV market competitors: Gengaro
Stifel managing director Stephen Gengaro says there are “multiple layers” to Tesla and its stock valuation.
If you think you are seeing more Tesla Cybertrucks, you're not alone.
In the first half of the year, the Elon Musk-run electric vehicle (EV) maker has notched 11,558 U.S. sales of its futuristic truck, including 2,803 in the first quarter and 8,755 in the second, according to estimates by Cox Automotive.
ELON MUSK SAID TESLA MOVED ROBOTAXI EVENT ‘FOR IMPORTANT DESIGN CHANGE’
The nearly 8,800 Cybertrucks sold in the second quarter topped sales of the Ford F-150 Lightning for that three-month period. The F-150 Lightning, which remains the best-selling EV truck for the year, saw 7,902 second-quarter sales, per the estimates. Ticker Security Last Change Change % TSLA TESLA INC. 251.51 +12.31 +5.15%F FORD MOTOR CO. 14.12 +0.14 +1.00%
"Cybertruck is most certainly benefiting from being new to market, with a bunch of pent-up demand as a tailwind," a Cox Automotive spokesperson told FOX Business. "And you’ll see the opposite impact in the rest of Tesla’s lineup of vehicles – the other four products are all quite old, and sales are down accordingly. In the auto market, being ‘new’ certainly has its benefits."
Tesla co-founder and CEO Elon Musk introduces the all-electric, battery-powered Cybertruck at Tesla Design Center in Hawthorne, California, on Nov. 21, 2019. (Frederic J. Brown/Getty Images)
TESLA'S 2ND-QUARTER DELIVERIES BETTER THAN EXPECTED
Tesla hasn’t included Cybertruck-specific production and delivery numbers so far in its quarterly releases, but Vice President of Vehicle Engineering Lars Moravy said in late April that the EV maker built 1,000 a week "just a couple weeks ago" as it continued to ramp up production. It's likely investors and analysts will get a Cybertruck update when Tesla holds its second-quarter earnings call on Tuesday evening after the close of trading.TESLA’S CYBERTRUCK IN ACTION Image 1 of 6
A Tesla Cybertruck drives along Interstate 684 in Connecticut on July 9, 2024. | Fox News
Shares of Tesla have gained just over 1% this year but are up more than 27% month-to-date.
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Tesla is due to report results after the close of trading on Tuesday.
