Cybertruck Completes 1 Year: Here's How Much You Would Have Today If You Invested $1,000 In Tesla When It Made The First EV Truck At Giga Texas Last Year

EV giant Tesla Inc (NASDAQ: TSLA ) announced the completion of its first Cybertruck on July 15 last year. Since then, the company has ramped up both deliveries and production , while Tesla’s share price has slumped.

What Happened: On July 15, 2023, Tesla shared an image of its first Cybertruck built at Giga Texas, and surrounded by the many employees at the factory.

The company subsequently started deliveries in late November and has been ramping production since, per third-party estimates and comments by company executives, including CEO Elon Musk . Tesla, however, does not provide a model-wise breakdown of its delivery numbers.

Production Ramp-Up: Tesla aims to deliver 250,000 Cybertrucks a year eventually, starting in 2025.

For now, Tesla has touched a weekly production rate of 1,300 Cybertrucks, Musk said at Tesla's annual shareholder meeting in early June. The company is looking to increase it further this year to touch 2,500 units by year-end, he added.

Tesla recalled 11,688 Cybertrucks over concerns that its front windshield wiper may stop working owing to a failure of the wiper motors in late June, implying that the company had at least so many of the trucks in the market as of then.

Musk has previously said that production, and not demand , is the biggest hurdle in ramping up Cybertruck deliveries. The company eventually intends to make the truck a common sight on American roads.

Tesla Returns Since The First Cybertruck Was Built At Giga Texas: A $1,000 invested in Tesla on July 15, 2023, would have fetched roughly 3.55 shares (based on the split-adjusted closing price of $281.38 on July 14, 2023, a Friday). The shares would be worth $910.8 as of Tesla's last closing price of $256.56, marking a loss in value of nearly 9%.

Price Action: Tesla shares closed up 1.6% at $256.56 on Tuesday. The stock is up 3.3% year-to-date, according to data from Benzinga Pro.

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• Cybertruck Curiosity Grips Tesla Shareholders As Elon Musk-Led EV Giant Starts Taking Questions For Upcoming Earnings Call

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This article Cybertruck Completes 1 Year: Here's How Much You Would Have Today If You Invested $1,000 In Tesla When It Made The First EV Truck At Giga Texas Last Year originally appeared on Benzinga.com

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