TSLA Stock Climbs After Elon Musk Extends Cybertruck Run Through Summer 2027, Citing ‘Sentimentality’

• Tesla’s website currently shows that the company has stopped taking orders for both the dual all-wheel drive and premium all-wheel drive models of the truck. 
• With the discontinuation of the Cybertruck, the company will offer only its best-selling models, the Model 3 and Model Y, to individual customers. 
• The two-seater Cybercab, with no steering wheel or pedals, is key to Musk’s ambitions of pivoting the company to autonomous driving and robotics.

Tesla CEO Elon Musk said Wednesday that Cybertruck production will continue through the end of summer 2027, later than the June-July wind-down he previously outlined, to fulfill more existing orders.

“This is not the smartest move from a profit-maximizing standpoint btw, but there must be some room in this world for sentimentality or what’s the point?,” Musk said in a post on X.

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The deadline delay comes after Musk said last week that the EV giant will halt production of the Cybertruck at its Gigafactory in Texas to make way for the company’s dedicated robotaxi offering called the Cybercab. Musk noted that creating more factory space is tough, leading the company to the decision to halt the stainless steel truck’s production instead.

Musk has also previously noted that the truck has a heavy backlog, and reservation holders might be refunded if the company cannot deliver.

TSLA stock traded 4% higher at the time of writing, on track to clock a fourth consecutive day of gains.

Tesla Halts Orders For Cheaper Cybertruck Variants

Tesla’s website currently shows that the company has stopped taking orders for both the dual all-wheel drive and premium all-wheel drive models of the vehicle. The company continues to take orders for its most premium variant, called the Cyberbeast, priced at about $110,000.

Tesla discontinued production of the Model S and X vehicles earlier this year. With the discontinuation of the Cybertruck, the company will only have its best-selling models, the Model 3 and Y, for individual customers.

The two-seater Cybercab, with no steering wheel or pedals, is key to Musk’s ambitions of pivoting the company to autonomous driving and robotics. Tesla started deploying them into its robotaxi fleet in Texas in September. The U.S. auto safety regulator NHTSA is probing the vehicles to identify whether the vehicles comply with applicable motor vehicle safety standards.

Tesla Scales Cybercabs For Own Fleet, Plans Outside Sales

During Tesla’s last earnings call, executives said they are aiming to begin small customer deliveries of Cybercabs by the end of this year, while noting that the vast majority will remain Tesla-owned. It is unclear how the company will be pricing the vehicles for outside customers. In 2024, CEO Elon Musk said the company intends to sell the vehicle for about $30,000 or less before 2027.

“We've definitely been bursting the Cybercab line to see how fast we can run it,” VP of Vehicle Engineering Lars Moravy said about ongoing production at the company’s gigafactory in Texas in October. “Right now, we're building at the rate that the Robotaxi service needs the vehicles.”

How Did TSLA Retail Traders React?

On Stocktwits, retail sentiment around TSLA stock improved from ‘extremely bearish’ to ‘bearish’ territory over the past 24 hours, while message volume stayed at ‘normal’ levels.

TSLA stock has dropped 12% year-to-date. 

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