Musk Pulls Plug on Cybertruck Output to Free Capacity for Cybercab; Shares Rise 4.4%
TSLA sits 21% above its 52-week low of $297.38.
Summary
Musk said on X that Tesla will cut Cybertruck production at its Texas gigafactory next year and shift that capacity to the self-driving Cybercab. The pickup never found demand: only 1,914 Cybertrucks were registered in the U.S. in October, a stark miss versus the 2019 prototype hype. Investors read the pivot as discipline rather than retreat, sending the stock up 4.4% to $358.80 Friday, though shares remain down 20% year to date. The move follows a Q3 where revenue of $28.05B beat consensus but operating income fell 56% to $718M on surging AI and R&D spend, so reallocating a low-volume line toward Cybercab is a direct bet that robotaxi revenue arrives before the cash burn bites. Cybercab ride deployment already began in Austin in September, making execution on that ramp the number to track.
At the time of this announcement, TSLA was trading at $360.82 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.4T. The 52-week trading range was $297.38 to $498.83. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.