Tesla Shares Surge After EV Maker Reveals Redesigned Roadster Using SpaceX Technology
Tesla Inc. (NASDAQ:TSLA) shares are trading higher Friday after the company unveiled its next-generation Roadster Thursday after the market closed.
- Tesla shares are climbing with conviction. What’s driving TSLA stock higher?
Tesla Unveils the Roadster with Cold-Gas Thrusters and a Sub-One-Second 0-60 Run
According to Fox Business, Tesla revealed the Roadster at a livestreamed event at a SpaceX test site in McGregor, Texas. The car accelerated up a large, curved ramp, stayed attached using a fan-based suction system until it was completely upside down, then used integrated cold-gas thrusters developed with SpaceX to launch off the ramp, flip in midair and land safely. In a second demonstration, it launched over a lineup of cars and a semi-truck, flipped and landed on the other side. Musk said certain versions can accelerate from zero to 60 mph in under a second and reach a top speed of more than 230 mph, and Tesla showed a Roadster hitting 60 mph in under a second during the event. Tesla said on X that the thruster system generates four to five times the force the tires can, which is why it improves acceleration.
"Turns out the future does have flying cars," said Tesla and SpaceX CEO Elon Musk. Vice President of Vehicle Engineering Lars Moravy added, "Flying cars are real."
Production Is Set for 2028, With Reservations Open at $50,000 and $250,000
Tesla executives said production will begin in 2028. They didn’t give a price at the event, but the company quoted a base price of $200,000 nearly a decade ago when it first showed a Roadster concept in 2017. Tesla’s reservation page lists a $50,000 reservation payment for the "Performance" version and $250,000 for the "Thrust" version, which features acceleration thrusters. An invite-only "Rocket" variant is a single-seat model with a "full flight system."
Tesla Reports Third-Quarter Earnings Oct. 21
The Roadster event comes five days before Tesla reports third-quarter earnings after the market closes on Oct. 21. Analysts expect earnings per share of 43 cents and revenue of $27.90 billion. Goldman Sachs said in a note this month that updates on Full Self-Driving, robotaxi and Optimus are likely to matter more to the stock than earnings per share.
Tesla Shares Accelerate
TSLA Price Action: At the time of publication, Tesla shares are trading 4.43% higher at $378.50, according to data from Benzinga Pro.
Image: Courtesy of Tesla