Tesla Stock Up As It Launches Insurance Offering In Texas, But Removes Cybertruck From Website

Tesla (TSLA) has removed its Cybertruck specs and prices from its webpage. The move comes as the highly anticipated electric pickup has been delayed to next year. Tesla stock rose.




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The Cybertruck was unveiled in 2019. The electric pickup was to come in three configurations, priced at $40,000 to $70,000. The single-motor base model was to have a 250-mile range on a full charge, while the dual motor would have a 300-mile range and the tri-motor would have a 500-mile range. Except for the base model, the Cybertruck was to be an all-wheel-drive pickup.

Rival EV startup Rivian has begun limited production and deliveries of its R1T electric pickup.

Tesla Insurance

Meanwhile, Tesla officially launched its insurance product using so-called real-time driving behavior.

For now, the product is only available in Texas. Tesla’s insurance offering is available in California, but it doesn’t use real-time data.

The Tesla Insurance website says its telematics to collect real-time data don’t require installing an additional device in vehicles. Instead, it uses specific features already within the vehicle to evaluate your premium based on your actual driving.

Currently, Tesla uses telematics to come up with a safety score that lets the top scorers test the latest version of its full self-driving software.

Another FSD Update Coming

CEO Elon Musk tweeted Thursday night that FSD 10.3 would roll out a week from Friday to vehicles with safety scores of 99/100 or better.

Tesla released the previous version on Oct. 11, amid criticism from federal regulators about its safety and marketing.

Additionally, the National Highway Traffic Safety Administration is intensifying its probe into Tesla’s safety practices. On Oct. 12, the NHTSA sent Tesla two letters.

One was a request for information about nondisclosure agreements previously required of Tesla drivers who wanted to test FSD 10.2.

The other was a request for information about Tesla’s September 2021 software update to improve its Autopilot software’s ability to recognize emergency vehicles.

The requests are part of an ongoing investigation opened in August about a dozen crashes involving Teslas that slammed into emergency vehicles at accident sites.

Tesla Stock

Shares rose 1.9% to 833.88 on the stock market today. Tesla stock is in buy range to 847.42 from a three-weeks-tight entry at 807.07. However, shares are on track for an eighth straight weekly gain and are somewhat extended on a weekly chart.

The stock’s relative strength line is trending up, according to MarketSmith.

Tesla’s RS Rating is 86 out of a best-possible 99, while its EPS Rating is 72. With a Composite Rating of 97, Tesla currently ranks No. 1 in IBD’s auto manufacturers group. Tesla is a Leaderboard stock.

Tesla reports Q3 earnings Wednesday. It has already reported strong deliveries and China sales for the quarter, despite chip shortages. FactSet analysts see Tesla earnings of $1.50 per share, nearly double the year-ago period, on a 54% surge in revenue to $13.5 billion.

Among other automakers with a growing EV slate, General Motors (GM) rose 1% and Ford (F) rose 2.9%.

Among Tesla’s China-based startup rivals, Nio (NIO) jumped 4.5% and Li Auto (LI) gained 4%. Xpeng (XPEV) surged 7.5% and Warren Buffett-backed BYD Auto (BYDDF) rose 0.8%.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.

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