Last week, a day after Tesla Inc TSLA shares dipped below $300, CEO Elon Musk tweeted a timeline for electric semi trucks and pickups. Traders jumped on the stock, and at least one research firm downgraded truck competitors.
Argus analyst Bill Selesky told Benzinga the vehicle isn't really a “needle mover,” but its implications are.
"[I]t positions TSLA as a provider of vehicles that address the worldwide issue of environmental concern," Selesky said. “It tells the world that Tesla provides vehicles that run on batteries (environmentally-friendly) for both the consumer and the business person."
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The expanded offering simply complements the company portfolio of leisure cars — and it lends insight into Tesla’s trajectory. Based on the announcement, Selesky foresees an upcoming emphasis on public transportation, including buses and cabs.
"My thoughts on this subject are not underwhelming but come from a 'big picture' point of view,” he said.
The semi will be released in September, while the pickup will debut in 18 to 24 months.
At time of publication, Tesla was trading around $305.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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