Elon Musk’s ‘Killer Opening Party’ at Tesla’s Giga Texas Included Game-Changing Announcements for EVs

Mandatory Credit: Photo by Patrick Pleul/AP/Shutterstock (12861811f)German Chancellor Olaf Scholz, right, and Elon Musk, Tesla CEO attend the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, .
Patrick Pleul/AP/Shutterstock / Patrick Pleul/AP/Shutterstock

It’s been a great week for Tesla CEO Elon Musk, from being appointed to the Twitter Board to finally being invited to the White House. He capped it off with the opening of the electric vehicle (EV) Gigafactory opening in Austin and a massive 15,000 person party.

See: Musk (Finally) Invited to White House To Talk About EVs
Find: Elon Musk Joins Twitter Board of Directors

“Great work by Tesla Texas Team!! Built & delivered first Giga Texas production cars & threw a killer opening party,” Musk tweeted on April 8. 

During his presentation, which can be seen here, Musk shared with his audience that the factory — which is larger than three pentagons — will produce a half-million Model Y cars annually, making it the largest producer of electric vehicles in the world. He also noted Giga Texas will be the highest volume car factory in the U.S.

Make Your Money Work Better for You

He also announced production on Tesla’s Cybertruck is set to start next year. “I can’t wait to have this baby in production, it’s going to be epic,” he said.

The other new car heading towards production in the near future is the fully self-driving Robo Taxi, which will look “quite futuristic.”

Musk’s goal is to manufacture 20% of the world’s cars, noting that to make an impact on sustainability quickly you have to go big.

“Last night Elon Musk and Tesla hosted an invitation-only ‘Cyber Rodeo’ party at its new Austin Gigafactory in Travis County, Texas that will change the EV production game for Tesla in the U.S. as Austin takes over Fremont as the core of Tesla’s operations and DNA over the coming years,” Dani Ives, Wedbush Securities analyst wrote in a note sent to GOBankingRates.

According to Ives, before Musk can reach his goals, Tesla has a high-class problem of demand outstripping supply with this issue now translating into 5-6 month delays for Model Ys, some Model 3s in different parts of the globe.

“The key to alleviating these issues is centered around the key Giga openings in Austin and Berlin which will alleviate the bottlenecks of production for Tesla globally. We believe by the end of 2022 Tesla will have the run rate capacity for overall about 2 million units annually from roughly 1 million today,” Ives wrote.

Make Your Money Work Better for You

He added that while the China zero Covid policy is causing shutdowns in Shanghai for Tesla and remains a worrying trend if it continues. “Seeing the forest through the trees with Austin and Berlin now live and ramping, Musk & Co will continue to flex its distribution muscles in the EV landscape while many other automakers struggle to get things off the ground.”

See: The 6 Most Affordable Electric Vehicles
Find: 2022 Car Trends Include Pre-orders, Electric Vehicles & Digital Buying

Wedbush said it maintained its Outperform rating and $1,400 price target. The stock was up 0.4% in pre-market trading on April 8. 

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

Best Bank Accounts of July 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.