Yesterday, many eyes were on Tesla (NASDAQ:TSLA) as the company prepared to open its Berlin Gigafactory. Now, today marks company history as the electric vehicle (EV) innovator opens its Berlin doors and begins shipping EVs manufactured in Europe. Currently, TSLA stock is up. However, investors should already be looking ahead to another catalyst; Gigafactory Texas will host GigaFest on April 7, a celebration for Tesla and EV enthusiasts.
No doubt, news of the upcoming GigaFest date — combined with momentum spurred by the Berlin opening — is driving TSLA stock up today. As of this writing, shares have risen 4%. Despite some early morning turbulence, the stock now seems to be moving steadily upward. With yet another straight day of growth, TSLA is in the green by 12% for the past one month.
Here’s what investors should know moving forward.
What’s Happening with TSLA Stock?
So, what is GigaFest, the event helping drive TSLA stock up today? For anyone who wasn’t following EV news last year, it is a joint celebration inspired by a similar October 2021 event held at Tesla’s Berlin facility. The Texas GigaFest is expected to bring in some 15,000 people. Further, priority for tickets will go to Greater Austin area residents.
Originally announced in February, GigaFest has been in the works for months. For fans of EV technology, it will be an opportunity to see some of the company’s newest innovations. Attendees are likely keen to see the made-in-Texas Model Y. However, InsideEVs speculates that Tesla’s 4680-type cylindrical battery cells and battery pack will also be on display.
While not confirmed, it’s also likely that there will be some important names in attendance. After announcing GigaFest’s date in a tweet, CEO Elon Musk answered “Yes” when a fan asked if invitations would be issued.
Guests at today’s Berlin event included prominent officials, most notably German Chancellor Olaf Scholz. So, for the Texas event, Musk and Tesla may invite some local politicians. They may even invite U.S. Secretary of Transportation Pete Buttigieg, who recently touted the benefits of EVs after praising Tesla earlier this year.
What It Means
Of course, Tesla fans are already excited about GigaFest. Investors should be as well. As anticipation for the event continues, TSLA stock will rise on the momentum. What’s more, with the stock already on a winning streak, this new catalyst comes at an opportune time.
Tesla is rolling out EVs across multiple continents and fans are cheering. GigaFest will likely remind investors how powerful the company’s brand is. As such, investors should watch TSLA stock closely as the event nears. While much is still unknown, it will likely bring more positive momentum to Tesla shares.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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