Tesla, Inc.’s (NASDAQ:TSLA) Cybertruck launch is just four days away, and the electric pickup truck from the company’s stable appears to be making all the right noises. The much-awaited vehicle, considered Tesla’s “iPhone moment” because of the buzz it has generated, will be rolled out to customers at a launch event scheduled for Nov. 30.
What Happened: Tesla fans began sharing photos of the Cybertruck in several company showrooms across the country, underlining a generally high interest in the vehicle. A user on the X platform going by the handle @NickGibbsIAG shared a photo on Saturday of a long queue of people waiting to see the Cybertruck.
“My wife and I just got to the @Tesla Showroom in Tampa and there is a line wrapping around! No this isn’t the Apple Store it’s Tesla!,” he said in the post.
Commenting on the post, Tesla CEO Elon Musk said, “Cool.”
— Elon Musk (@elonmusk) November 25, 2023
Another X user shared pictures of enthusiasts queueing up in front of a showroom in Langley, a city in British Columbia, Canada.
On Wednesday, Musk confirmed on X that “Cybertrucks are on their way to Tesla stores in North America!” Tesla influencer Sawyer Merritt said late Saturday that Cybertrucks are on display in 5.5% of all U.S. Tesla showrooms.
Why It’s Important: The Cybertruck has polarized analysts, especially after Musk signaled a tough ramp-up due to its radically different design. Future Fund’s Gary Black sees the vehicle producing a “halo effect” on the rest of Tesla’s product lineups.
The Cybertruck will likely have the same impact on volume as the Model Y when the latter was launched in 2020, the fund manager said. Tesla’s volume growth increased from 36% in 2020 to 87% in 2021, he added.
Deepwater Asset Management’s Gene Munster said he sees capacity as a concern and not the demand. The venture capitalist, therefore, expects the vehicle to contribute only marginally to growth.
Jefferies analyst Philippe Houchois is also less positive about Tesla’s latest vehicle. Calling the Cybertruck an “off mission” product, he said the company is better off suspending the launch as it grapples with a growth slowdown.
Currently, there are over 2 million reservations for the Cybertruck according to a crowd-sourced reservation tracker, although it remains to be seen how many of those will translate to firm orders. The company hasn’t confirmed the pricing and trims yet.
Tesla stock ended Friday’s session up 0.53% at $235.45, according to Benzinga Pro data.
Produced in association with Benzinga
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