Tesla unveiled a car that Elon Musk says can fly
On Friday morning, Tesla shares bounced back after Elon Musk revealed the much-anticipated next-generation Roadster—a car featuring SpaceX technology that he referred to as a “flying” vehicle—contradicting the overall market downturn amid a challenging week for tech stocks.
Tesla stock increased by almost 5% in pre-market trading on Friday morning before leveling off with a gain of more than 1.5% shortly after 10:00 a.m. EDT is currently priced at $368.19.
The surge was prompted by the eagerly awaited unveiling of Tesla’s second-gen Roadster on Thursday evening at a SpaceX testing site in Texas. Where Musk showcased that the vehicle could «fly» utilizing high-pressure gas thrusters.
The model Musk revealed Thursday evening includes technology from SpaceX—featuring thrusters, carbon pressure vessels, robust fans, and diffusers. Allowing the vehicle to take off, rotate, and navigate in the air before returning to its wheels.
Musk mentioned that although “success is not assured” for the “flying” car, it “is likely to function.” He mentioned that Tesla intends to start production in 2028. While no prices were disclosed, the company is now taking $50,000 deposits from potential customers in the U.S., Canada, and China.
Tesla’s stock increase occurs after a challenging week for the market, characterized by a drop in tech stocks following a high inflation report. This heightened worries about a possible interest rate increase by the Federal Reserve and intensified investor anxiety regarding AI expenditures—a mixture that maintained pressure on tech stocks through Friday and led to Musk losing billions over the last two days.
