Tesla Inc’s (TSLA) shares have grown over the past two days amid news of the forthcoming release of a revamped Cybertruck design that could further increase pre-orders for pickup. In addition, the preliminary advantage of votes in the U.S. election in favor of Joe Biden was reflected by a jump in the shares of all automakers.
Tesla shares, which have risen 406.7 percent since start of the year, rose 5.7 percent on Monday and 5.84 percent on Tuesday (up 24.5 percent on the day), which increased its market valuation to $425 billion.
Tesla’s rise in shares on Monday was preceded by news that the company was preparing to unveil an updated design for its futuristic large Cybertruck in about a month or so. This was announced by Tesla CEO Elon Musk on Twitter (TWTR), also endorsing the offer of Cybertruck in matte black and several other colors with thermal treatment.
In September, Musk said the company had “more than half a million orders” for pickup, and that if the design improves, the number of pre-orders could increase.
Tesla plans to produce pickup trucks from the future, as Musk calls them, at the Austin Gigafactory, a factory under construction in Austin, Texas.
Last month, during a conversation with analysts, Gene, the director said the company hopes to start some Cybertruck deliveries by the end of next year “if all goes well.”
At the same time, Tesla management warned that in order to increase the volume of production of Cybertruck “to significant volumes” it is necessary to solve the problems associated with the production of batteries. Tesla is in talks with major suppliers of battery-making materials as it plans its own production.
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Elon Musk also announced plans to begin testing the full beta software for Tesla’s autonomous driving software in Canada and Norway.
Biden’s victory could be a factor in the growth of the U.S. electric car market.
On Tuesday, Tesla shares rose, as did shares of other electric car manufacturers, as well as renewable energy companies and traditional automakers such as Ford (F), General Motors (GM) and Fiat Chrysler Automobiles (FCAU).
Analysts attributed this increase to preliminary counts of Americans’ votes in the U.S. presidential election on November 3, which showed a majority of votes in favor of Joe Biden.
The former U.S. vice president has repeatedly spoken out in favor of conservation efforts and support for the renewable energy industry. Biden’s election program calls for $400 billion in public investment in the clean energy industry, tightening environmental regulations for companies and building more than half a million charging stations for electric vehicles by 2030.