The Governor of Texas will join the Cyber Rodeo held by Tesla to celebrate the grand opening of Giga Texas. This event, which is of enormous size, is expected to be a "very strong catalyst" for the company’s stock, according to Trip Chowdhry of Global Equities Research.
Tesla is making final preparations to welcome guests arriving at 4:00 pm on April 7 to celebrate the launch of Giga Texas. The party, dubbed Cyber Rodeo, will have 15,000+ guests, as in addition to those who have received invitations, those who come to visit can also join the event. Tesla CEO Elon Musk said that "the door won't be super strict."
Musk promised he will give a speech around 9:00 pm. In addition to amazing entertainment, a factory tour, food, drink, and likely updates from the head of Tesla, Cyber Rodeo will welcome local politicians. Trip Chowdhry of Global Equities Research reported that Texas Governor Greg Abbott and Texas US Senator Ted Cruz will also be speaking at the event.
Giga Texas is very important. The factory creates thousands of jobs in Texas, raising the standard of living of the local population and bringing economic benefits to the state. And i’m fact, the factory itself is of national importance as it is one of the key elements of U.S. leadership in electric mobility. Together with the Tesla factory in Fremont, the manufacturer will be able to produce about one million vehicles per year, with the figure increasing over time.
The factory is now kicking off with Model Y, which will feature front and rear single-piece ends, 4680 battery cells, and a structural battery pack for the first time in history. At the moment, the factory is designed to produce about 500,000 cars a year. Analysts estimate that by the end of 2022, Giga Texas will be able to reach a production capacity of 100,000 units per year.
Chowdhry is calling Cyber Rodeo a "very strong catalyst" for the company’s stock and believes we could see an announcement to update the Cybertruck and Tesla Semi production schedule. The analyst expects the factory to eventually produce the shell-based vehicular design for the Cybertruck, which he thinks can be made in just five to six hours versus 25 to 30 hours per vehicle for traditional automakers.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.