After Tesla, Inc. (TSLA) unveiled its highly-anticipated Cybertruck to mixed reviews in December 2019, enthusiasts and TSLA investors have been waiting for the vehicle to arrive at dealerships.
It’s been a difficult time for automakers in general – with the pandemic, semiconductor shortages, and supply chain bottlenecks all hampering development and production.
Despite that, Tesla CEO Elon Musk continued to ensure us that the Cybertruck would be available by the end of 2021.
Until last week, when he didn’t.
Musk finally admitted what many industry insiders had suspected – that the Cybertruck is likely no longer going to be the first all-electric truck to hit the roads.
On Friday, news began to surface that Musk had reportedly confirmed that the Cybertruck won’t be available until late 2022, and likely won’t hit mass production until 2023.
Chief among Tesla’s issues with the Cybertruck seem to be delays in the development and production of the battery cells that power the vehicle.
The delays seem likely to cost Tesla the distinction of having the first electric truck on the road, as Ford Motor Company (F) expects to roll out its all-electric F-150 in spring 2022.
Tesla stock has steadily climbed this year as demand for vehicles has picked up again following the initial shock from the pandemic. But amid news of delays – and with Musk pursuing other pet projects like space travel and robots – this may be an opening for up and coming names in the EV space like Lucid Group, Inc. (LCID) and NIO Inc. (NIO) to grab market share away from the leader in the space.
Trading tip of the week
I’m reminded of this tip every year when the market slows down in the summer months.
Sometimes the best trade is no trade.
Rather than jumping into a trade for the sake of having a position on, it’s more important to stick to your system and only enter the best trade setups.
That is why a good trader can go for hours – or days if need be – without making a trade. So, to put it simply: be patient.
Earnings report to watch
GameStop Corp. (GME) has been one of the biggest stories in the market this year as bullish investors attempt to squeeze the large number of short sellers out of their positions and drive the stock to incredible heights.
But the focus with GameStop for many investors has now become its transition from meme stock to legitimate business on the rise.
With its shift away from relying on brick and mortar locations to a renewed focus on digital sales, GameStop hopes to compete with leaders of the industry.
Keep an eye out for positive sales figure, especially online sales. An earnings beat still won’t justify GME’s overinflated price, but it could very well kick off another round of FOMO buying and send the stock higher.
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