Elon Musk, chief executive of electric car maker Tesla, posted on Twitter that its electric pickup truck Cybertruck had a target of 200,000 vehicles, the good news that sent Tesla’s shares up 4 percent on Monday. According to Musk, the pickup truck will be made of the same stainless steel as the rocket, with a base version priced at $399,000.
In last week’s presentation, Cybertruck’s “armored glass” windows were broken in tests that failed to impress Wall Street. Analysts say cybertruck is too odd to actually shake up the traditional pickup market and dominates the niche market for Tesla and Musk fans. Its shares fell 6 per cent on Friday.
However, Tesla immediately accepted the reservation immediately after the launch and allowed potential buyers to book the pickup by depositing a fully refundable $100 deposit. The pickup truck attracted a large number of subscribers, and the company’s share price began to rise on Monday.
Three years ago, Tesla received 325,000 orders in its first week of booking stake in the Model 3, and Cybertruck’s initial booking suggests that expectations for the pickup are comparable to those of the Model 3.
Of course, not all orders will eventually be converted into sales, as many may end up being canceled and the money returned to the customer. Tesla plans to start production of CyberTruck around the end of 2021.
The U.S. pickup market is one of the world’s most profitable, led by Ford, General Motors and Fiat Chrysler. Technology critic Marquis Brownlee called Cybertruck “a disruptor of the tech world” and said Tesla must stand out if it is to enter the pickup market.
From touting Cybertruck’s features to poking fun at Ford’s F-150 pickup, Musk has been driving sales on Twitter since the launch. “Cybertruck is a better electric pickup truck than the F-150, faster than the Porsche 911,” he tweeted. “