Why Tesla Shares Jumped Today

There were no major surprises from 's (NASDAQ: TSLA) annual shareholder meeting last night, but investors liked what they heard nonetheless. Shares jumped nearly 5% during today's trading session and remained higher by 4.3% at 3 p.m. ET. 

While CEO Elon Musk was somewhat downbeat on the current economic backdrop, he told attendees that Tesla is well-positioned to navigate what he thinks will be 12 months of slowing economic activity and thrive over the long term. Specifically, Musk confirmed that the Cybertruck will begin shipments this year.

Musk also projected the company will be able to deliver between 250,000 and 500,000 Cybertrucks annually once production has ramped up. The company also believes its popular Model Y SUV will be the top selling passenger car globally this year. 

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Source Fool.com