Tesla: unveils much-anticipated Cybertruck, shares tank
(CercleFinance.com) - Tesla unveiled its Cybertruck pickup truck on Thursday in a much anticipated Los Angeles launch event, although this failed to excite investors on Friday.
The Cybertruck - which will probably be added to the electric carmaker's lineup in late 2021/2022 - features an "impenetrable exoskeleton," with every component designed for superior strength and endurance, from stainless-steel structural skin to reinforced glass, the group said.
The vehicle can accelerate from 0-60 mph in as little as 2.9 seconds with a range of up to 500 miles.
However, analysts at Wedbush say the Cybertruck looks more like a "stealth bomber" than a pickup truck.
"The Tesla pickup has a steel framework that is impressive and looks more out of a Blade Runner sci-fi movie which will be a hit with the company's fanatic EV installed base globally," the broker said.
Wedbush however questions how much drivers will actually like it.
"Investors will question if this is a mass market pickup going after Ford
and GM with about 3 million pickup trucks sold annually in the US, or a more niche "wow factor" model that will be more limited in demand/production scale and scope," it pointed out.
Note that the starting price of $39,900 plays in its favour, as Wall Street was expecting $50,000 to $55,000.
Despite this, the Tesla share is having a rough ride - down almost 6% in New York on Friday morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Cybertruck - which will probably be added to the electric carmaker's lineup in late 2021/2022 - features an "impenetrable exoskeleton," with every component designed for superior strength and endurance, from stainless-steel structural skin to reinforced glass, the group said.
The vehicle can accelerate from 0-60 mph in as little as 2.9 seconds with a range of up to 500 miles.
However, analysts at Wedbush say the Cybertruck looks more like a "stealth bomber" than a pickup truck.
"The Tesla pickup has a steel framework that is impressive and looks more out of a Blade Runner sci-fi movie which will be a hit with the company's fanatic EV installed base globally," the broker said.
Wedbush however questions how much drivers will actually like it.
"Investors will question if this is a mass market pickup going after Ford
and GM with about 3 million pickup trucks sold annually in the US, or a more niche "wow factor" model that will be more limited in demand/production scale and scope," it pointed out.
Note that the starting price of $39,900 plays in its favour, as Wall Street was expecting $50,000 to $55,000.
Despite this, the Tesla share is having a rough ride - down almost 6% in New York on Friday morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.