Elon Musk touted the long-awaited reintroduction of the Tesla Roadster, claiming on X early Wednesday that the production design is complete and Tesla (TSLA) will unveil the vehicle at the end of 2024. TSLA stock rose Wednesday.
The Tesla chief executive wrote on X, formerly Twitter, Wednesday that the EV giant is “aiming” to ship the new electric sports car in 2025, teasing the design as a collaboration between Tesla and SpaceX.
Musk said Tesla is targeting 0-60 miles per hour in less than 1 second and “that is the least interesting part.”
“We radically increased the design goals for the new Tesla Roadster,” Musk wrote early Wednesday morning. “There will never be another car like this, if you could even call it a car.”
The Roadster was Tesla’s first production car, back in 2008. Musk promised nearly a decade later to revamp the original offering. In 2017, Tesla outlined how the new Roadster would come out in 2020. However, that timeline has been pushed back repeatedly, with Tesla holding $250,000 reservations for several years.
Tesla Stock Performance
TSLA shares rose more than 1% to 202 during Wednesday’s market action. On Tuesday, the stock edged up a fraction to 199.73. Tesla stock is up more than 6% in February.
Musk’s decision to highlight progress on the Roadster Wednesday comes as Morgan Stanley analyst Adam Jonas, a Tesla bull, wrote on Feb. 19 there is “seemingly overwhelmingly bearish institutional investor sentiment” on TSLA.
So far in 2024, Tesla stock has retreated around 18%, falling below key levels of support. Tesla stock ranks eighth in the 35 member IBD Auto Manufacturers industry group. The stock has a 44 Composite Rating out of a best-possible 99. Tesla stock also has a 17 Relative Strength Rating and a 68 EPS Rating.
