Tesla Begins Cybertruck Production

Tesla has announced the start of production for its highly anticipated Cybertruck electric pickup at its Gigafactory in Austin, Texas. The news comes just before the company's second-quarter results announcement, where investors expect further details on the specifications and production of the Cybertruck. Tesla CEO Elon Musk unveiled the Cybertruck in 2019, but its production was delayed due to component sourcing issues. Musk had previously mentioned plans for a delivery event in the third quarter and projected sales of 250,000 to 500,000 Cybertrucks once production is fully ramped up. The Cybertruck will compete with other electric pickups such as Ford's F-150 Lightning, Rivian's R1T, and General Motors' Chevrolet Silverado EV and GMC Hummer. Wall Street's sentiment on Tesla stock is currently neutral, with a Hold consensus rating.