Tesla’s stock price plunged 5.4% this week, ending at $1,025.49. Tesla (NASDAQ:TSLA) opened its new Gigafactory in Austin, Texas, on Thursday, April 7. The event included factory visits, a reception, and a keynote by CEO Elon Musk. However, he mostly touched on old land in his comments, emphasizing increasing capacity in 2022. Tesla is scheduled to make about 1.4 million to 1.5 million cars this year, up from the more than 930,000 shipped in 2021.
The celebration was dubbed the Cyber Rodeo, as the Austin factory would eventually build Tesla’s Cybertruck. The new factory is a big deal for the company and the stock. More manufacturing means more prominent cars and more growth. In its original design, the facility will have the capacity to build around 500,000 automobiles annually.
But there was another event in Austin that was also a big deal for inventory, although the effect isn’t as apparent as a new manufacturing location. That event is Tesla-Con Texas, a conference for Tesla fans.
Tesla-Con brings together Tesla owners who want to meet other people how Comic-Con caters to comic book fans, and New York’s Santa-Con caters to holiday buffs. It is important to note that Tesla-Con is not affiliated with or sponsored by Cyber Rodeo.
In addition to the main event on Friday afternoon, the five-day convention included meetings and other activities, including speakers. Sandy Munro, the care specialist, was one of the speakers at the event. As part of his remarks on the advances of the new plant, he mentioned how battery production was incorporated into the car manufacturing process.
Others talked about the enormous presses that fuse car body parts. Tesla Motors CEO Elon Musk claims the Austin-built vehicle’s chassis comprises three parts: a cast rear, a cast front, and an integrated battery. Parts and welds can be eliminated to save money and time.
The Austin Tesla Owners Club organized the event. It was also trying to set a record for most Tesla automobiles made in one location at the time. As a result, a large number of Teslas were present.
For the most part, Tesla owners are excited about their vehicles, even if these events do not affect the stock’s short-term performance and some analysts recommend that Tesla is one of the best stocks to buy now.
Comparably.com ranks Tesla as the best-known car brand in the world. And Consumer Reports ranked it as the most loved car brand.
The Consumer Guru, the customer satisfaction tracker, places Tesla among the top automotive brands for net promoter ratings. A customer’s net promoter score is how likely they are to suggest a product. -100 to 100 are the possibilities. NPS scores in the 40s are considered standard. The Customer Gauge gave Tesla a score of 97 out of 100.
Tesla and other high-growth companies may need a boost this week. As interest rates rise, the present value of these companies’ future earnings declines, which has hurt their high valuations and strong growth stocks. US Treasury yields have been rising steadily this month, hitting a 2.69 percent on Friday, up from just 2.4 percent on Jan. The Dow Jones today is trading at $34,721.12.