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Will the Tesla Cybertruck Live Up to the Hype?

Baystreet - Tue Dec 5, 2023
Elon Musk, the co-founder and chief executive officer (CEO) of Tesla (NASDAQ:TSLA), hosted the delivery event for the Tesla Cybertruck on November 30, 2023 at Tesla’s Gigafactory in Texas. The vehicle is Tesla’s own iteration of the pickup truck, with a unique design that has inspired varied reactions. Musk had previously announced the Cybertruck for pre-orders back in November 2019. Deliveries have started, but some individuals who pre-ordered may still have to wait between three-to-five years to receive the product.

Beyond its bold look, Musk touted the specs of the Cybertruck during the delivery event. Musk stated that the Cybertruck will be able to outperform top selling pickup trucks in terms of towing capacity and demonstrated its abilities as a sports car against a top ranking competitor’s sportscar. While the vehicle has inspired skeptics and detractors since the November 2019 announcement, the specs demonstrated at the reveal were undeniably impressive.

The Cybertruck will not see full volume production until 2024. When it was first announced, Elon Musk projected that the vehicle would possess a price tag of $40,000. That made it one of the most affordable options in the Tesla stable. Unfortunately, the company walked back this low-price tag at the delivery event. The Cybertruck will now start at $60,990.

Shares of Tesla had a muted response to the presentation. Regardless, the stock has still surged 117% so far in 2023 as of close on Monday, December 4. Production for the Cybertruck may not kick into full gear until 2024, but the sky-high demand means that every truck manufactured will be slated for delivery. This is a vehicle story to watch in the middle of the 2020s

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.