2023-11-29 15:32:53
Tesla plans to mark the first sales of the Cybertruck with an event in Texas, as it is scheduled to go on sale immediately.
That’s right, Tesla’s long-awaited Cybertruck is now scheduled to go on sale, after years of delays, and as CEO Elon Musk warned, there would be challenges in reaching production volume for the electric pickup truck.
Tesla says it will hold an event tomorrow, Thursday at 3 pm ET, at its Austin, Texas, factory to mark the occasion and deliver the first Cybertrucks to 10 customers.
On Monday, the Cybertruck account on X, formerly Twitter, played on the Cyber Monday moniker for post-Thanksgiving electronics sales by declaring that this year would be Cyber Thursday:
Tesla stores across the United States have displayed Cybertrucks over the weekend, drawing crowds, and these trucks appear to be creating a stir as the company aims for the vehicle to create a halo effect, Deutsche Bank analyst Emmanuel Rosner is quoted as saying in a note.
Tesla shares rose nearly 3% on Tuesday, appearing poised for a third straight day of gains and up nearly 21% so far in November. That compares with gains of about 9% for the S&P 500 index SPX in the same period.
RBC Capital Markets’ Tom Narayan also talked about the halo effect of Cybertruck sales.
The start of Cybertruck sales could help give more oomph to the brand and of course help Tesla sell more Model 3 small sedans and Model Y compact SUVs and support the stock, the RBC Capital Markets analyst said.
The Cybertruck has received more than 1 million reservations since its introduction in November 2019, when, to the delight of meme creators around the world, a test of its armored glass went wrong, when two windows were severely cracked after They will throw a steel ball at them.
“We expect conversion rates to be at or below the Model 3 conversion rate, but that’s still enough to cover a few years’ worth of demand” with Tesla’s planned annual production of around 250,000, Narayan said.
He added that the Cybertruck is a polarizing product not only in terms of its angular and futuristic design but also in terms of practicality because it is much larger than the best-selling trucks.
At the 2019 presentation, Tesla said the truck’s starting price would be about $39,900 for a single-motor version with a battery range of about 250 miles, up to $69,900 for a three-motor version with a of 500 miles.
Given that average car transaction prices have increased between 25% and 45% on average since 2019, we would expect prices to be proportionately higher.
Tesla shareholders and industry analysts are eagerly awaiting the presentation of the Cybertruck and what its order volume will be in the first days.
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