Tesla Inc TSLA CEO Elon Musk on Tuesday confirmed the electric vehicle maker’s hotly anticipated light-duty Cybertruck will be built by a new 9,000-ton Giga Press built by die casting company Idra Group.
What Happened: The billionaire entrepreneur was responding to a Twitter post showing a video of a new 9,000-ton Giga Press being assembled.
Musk replied to the post saying the Cybertruck body will be made with the new Giga Press. The world’s richest man did not provide further details on whether the machine will build the under or the upper body of the vehicle.
Idra Group is a subsidiary of Tesla supplier and Hong Kong-listed LK Technology and has worked on the casting technology for the electric vehicle maker.
See Also: Tesla Giga Press Supplier Says 6 Chinese Automakers Want Similar Tech Next Year
Why It Matters: Tesla has been investing heavily in casting and alloy technology and uses a series of big die casting machines to make car bodies with just a few massive casted parts, a trend that is now catching on in the auto industry.
The Giga Press is seen as Tesla's latest leap in manufacturing and is used to produce the Model Y. The technology reduces the Model Y's front and rear casting from hundreds of parts down to just two.
Price Action: Tesla shares closed 0.2% lower at $758.3 on Tuesday.
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