Tesla’s Cybertruck Launch: A Mixed Bag for Investors
The Good:
- Cybertruck is finally here: The long-awaited electric pickup truck has officially entered production.
- Impressive towing capacity: The Cybertruck can tow up to 11,000 pounds, making it a powerful option for heavy-duty work.
- Faster charging: The Cybertruck features megawatt-charging technology for faster charging at optimal conditions.
- Manufacturing innovations: Tesla has implemented new manufacturing techniques to keep costs down.
- Cyberbeast option: The tri-motor “Cyberbeast” version offers even more power and performance.
The Not-So-Good:
- Higher price than expected: The base model starts at $60,990, above the $50,000 investors had hoped for.
- Lower range than expected: The upper-end range for a single charge is 340 miles, short of the 500 miles investors anticipated.
- Production delays: The base model won’t be available for a while, with Tesla prioritizing higher-priced options.
- No update on base model production: Investors were left waiting for news on when the more affordable Cybertruck will be available.
- No Model 2 reveal: Investors hoping for a glimpse at a smaller, lower-priced Tesla were disappointed.
Market Reaction:
- Tesla stock fell by 1.7% after the event, as investors digested the news.
- This decline is partially attributed to technical factors and historical patterns following major events.
Overall:
The Cybertruck launch was a mixed bag for investors. While the vehicle’s impressive capabilities and innovative features are undeniable, the higher price and lower range than expected were disappointing for some. The lack of a Model 2 reveal further dampened investor enthusiasm.
Additional Notes:
- The Cybertruck delivery event was streamed live on X, Musk’s social media platform.
- Over 100,000 viewers tuned in to watch the event.
- Co-founder of Reddit, Alexis Ohanian, was among the first to receive a Cybertruck.
- Wall Street expects Tesla to deliver about 1,500 Cybertrucks in 2023 and 78,000 in 2024.
- Tesla’s stock has gained about 24% over the past 12 months, but underperformed the broader market.