Tesla's Elon Musk dances at opening of Berlin Gigafactory
The CEO fulfilled a promise he made on Twitter
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Tesla CEO Elon Musk busted some moves at the ribbon-cutting ceremony for the electric vehicle maker's new Gigafactory in Berlin, Germany, on Tuesday, fulfilling a promise he made weeks before.
Tesla CEO Elon Musk attends the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. ((Photo by Christian Marquardt - Pool/Getty Images) / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 164.47 | +2.34 | +1.44% |
Musk, the world's wealthiest person, had a lot to celebrate. The opening of Tesla's first manufacturing plant in Europe was delayed several months due to the COVID-19 pandemic and challenges in obtaining construction permits from local authorities over environmental concerns.
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When officials finally granted approval earlier this month for the plant to begin commercial production, a fan on Twitter asked Musk if he would dance at the Giga Berlin opening as he did at the opening of Tesla's Shanghai factory in 2020.
Sure enough, Musk made good on his vow, cutting a rug as the first made-in-Germany Model Ys were presented to 30 customers on Tuesday.
Tesla's newest manufacturing hub is expected to churn out 500,000 electric vehicles a year, and its long-awaited opening is seen as a major win for shareholders.
"The red tape and headaches seen around the delays/disputes opening up this flagship European factory has been frustrating for investors to watch unfold as many on the Street were doubting if Giga Berlin ever actually would open," Wedbush Securities analysts Daniel Ives and John Katsingris wrote in a report this week. "We cannot stress the production importance of Giga Berlin to the overall success of Tesla's footprint in Europe and globally."
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They added, "While China will be a key growth driver, we believe demand is rapidly building for Tesla's Model Y in the US and Europe with 2022 so far looking like another ‘breakout year’ for Tesla and the EV industry."