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Shares of US electric vehicle maker Tesla fell nearly 5% in mid-day trading on Thursday amid speculation delays in production of its much-anticipated Cybertruck model, though one analyst said the drop doesn’t have legs.

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Tesla stock fell 4.7% to $1,054.48 as of 12:50 p.m. Thursday, according to investor feedback news that Tesla removed mention of a 2022 production date for the Cybertruck from its website in December, a change Attention by industry publications earlier last week before reaching a wider audience on Thursday.

Daniel Ives, an equity analyst covering Tesla for Wedbush Securities, said the drop in share prices is only a “knee-jerk reaction.” Businesshala on Thursday.

Ives believes there is reason to be optimistic about a 2023 production date for Cybertruck, as he believes Tesla’s Gigafactory Texas facility in Austin, which is It is believed that To be where Cybertruck production will eventually take place, production on other vehicle models will begin over the next week.

Tesla CEO Elon Musk said In November he will provide an “updated product roadmap” for the company, which some believe includes information on Cybertruck during the company’s January 26 launch. earnings call,


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