Tesla Teases New Product Unveiling
Shares Rise on Cryptic Posts on X
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Tesla Inc. managed to pique the interests of investors with a series of social media posts that sent the carmaker’s shares higher in early trading.
First, the company posted a video clip of a black hubcap-like object with a Tesla logo spinning before flashing the numbers 10/7, likely referencing a product unveiling on Oct. 7. A second post appears to show a car parked in pitch-black darkness, revealing only its headlights.
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Tesla shares traded up as much as 2.5% as of 6:44 a.m. Oct. 6 in New York, before the start of regular trading. The stock slumped late last week after the company posted a record quarter of car sales that will be difficult to replicate now that federal electric vehicle subsidies have expired in the U.S.
— Tesla (@Tesla)
Tesla last added a new product to its lineup almost two years ago with the Cybertruck, and the polarizing pickup has been a disappointment. Executives have said a more affordable version of the Model Y is on the way to help buoy sales now that EV tax credits have ceased.
— Tesla (@Tesla)
One other product that has been in the works is the second-generation Roadster, a prototype of which was shown in late 2017. CEO Elon Musk said in February 2024 that Tesla would aim to ship the car this year.
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