Tesla shares rise more than 5% before market open after Roadster reveal

Tesla shares rose 5.27% in Nasdaq premarket trading on October 16 following the unveiling of a new Roadster sports car, RBC reported, citing trading data.

Tesla had ended the previous session down 1.3% at $362.44. The shares advanced before Friday's regular market opening after the company demonstrated the car at a Texas test site.

Tesla showed a Roadster equipped with additional thrusters developed with SpaceX. During the demonstration, the vehicle rose into the air, flipped above a row of parked cars and landed on its wheels. The company plans to begin production in 2028.

The full price was not announced at the event. Tesla originally expected to begin deliveries of an earlier version of the Roadster in 2020, but repeatedly postponed the schedule.

Zacks Investment Research strategist Andrew Rocco told Reuters that the expensive car's small target market would probably limit its impact on Tesla's sales and earnings prospects. The company's next financial results are scheduled for October 21, when it is due to report third-quarter earnings.