Tesla Inc. is set to debut its highly anticipated Cybertruck at an event in Texas today, marking the first deliveries to customers. The event will take place at the company's Austin factory and will be live-streamed on X, the social-media site formerly known as Twitter. As the EV maker prepares to roll out its futuristic electric pickup truck, CEO Elon Musk has warned of challenges in scaling up production.
Anticipated Impact on Tesla Sales
While Tesla has faced delays in bringing the Cybertruck to market, analysts on Wall Street anticipate a positive "halo" effect on sales for other Tesla models. Ben Kallo from Baird believes that the launch of this highly anticipated vehicle will give a boost to the Model 3 and Model Y sales. However, some analysts, such as those from Cox Automotive, assert that the Cybertruck may initially be a niche product due to limited appeal among potential electric vehicle buyers.
Unveiling and Pricing Details
The Cybertruck, which drew over 1 million reservations since its unveiling in November 2019, features an eye-catching design and sturdy "armor glass." Tesla initially stated that the truck would have a starting price of around $39,900 for a single-motor version with a 250-mile battery range, going up to $69,900 for a tri-motor version with a 500-mile range. However, due to inflation and rising raw material costs, prices are expected to be higher.
Tesla's Stock Performance
Tesla's stock has been performing well, gaining more than 4% this week and outpacing the broader market index, S&P 500. Year to date, Tesla shares have doubled while the S&P 500 has seen a 19% gain.
