Tesla Inc. (NASDAQ:TSLA) shares have pulled back notably in the two sessions that followed the electric vehicle maker’s earnings release. This, however, hasn’t deterred the frenzy about Cybertruck.
Cybertruck’s reservations swelled to 1,943,876 as of Friday, according to an online crowdsourced data tracker, Teslarati reported. Since Tesla takes preorders with a fully-refundable $100 deposit, if the numbers are accurate, it would have earned preorder revenue of roughly $194 million.
A little over a year ago, preorders totaled one million. But all preorders may not translate to confirmed purchases as there could be people canceling orders.
The Cybertruck will come with three different battery ranges going from 250 miles all the way up to 500 miles.
Tesla CEO Elon Musk said on the earnings call that the company will begin deliveries later this year without committing to a firm date. The company is working on the exterior dimensions of the electric pickup truck so that it is neither big nor small and also ensuring that it maximizes the utility of the volume, he said.
The billionaire also noted that the demand so far is off the hook that “you can’t even see the hook.” He also said it has a lot of new technology in it.
Future Fund’s Gary Black, who is extremely bullish on the Cybertruck, reiterated his positive opinion on the vehicle in a tweet on Friday.
“Investors still don’t get how big a deal Cytruck is for overall $TSLA franchise,” Black tweeted. He sees new product sightings and social media coverage to drive potential EV customers to the Tesla website and into stores, boosting demand for all Tesla vehicles.
Just as Tesla’s volume growth jumped from 36% in 2020 to 87% in 2021 when Model Y deliveries began, the analyst expects Cybertruck will boost volume growth in 2024.
Tesla is expected to enter production in 2024 where it will compete with other EVs that are currently in the market.
The Ford F-150 Lightning, the GMC HummerEV truck and the Rivian R1T are the only EV trucks that are currently selling in the market.
GM’s Chevrolet Silverado EV, GMC Sierraa EV, and Stellantis’ Ram 1500 REV will be entering the market within the next two years.
They Cybertruck will be getting a 10% boost in energy in its energy density.
“This might be the most unique vehicle product in decades; with that comes trialing and testing new technologies,” according to Tesla’s quarterly report. “Both technologically and architecturally, this vehicle will break a lot of boundaries—very much in line with how we think about vehicle engineering and manufacturing.”
Produced in association with Benzinga