TSLA Share Price Down 2% as Tesla Holds Cybertruck Event

TSLA Share Price Down 2% as Tesla Holds Cybertruck Event

UTC by Bhushan Akolkar · 2 min read
TSLA Share Price Down 2% as Tesla Holds Cybertruck Event
Photo: Tesla / X

Tesla opens up bookings for its much-awaited Cybertruck with the rear-wheel drive version starting at $60,990 and a starting 250 mile range.

On Thursday, November 30, Tesla Inc (NASDAQ: TSLA) shares experienced a decline amid the company’s event at its Austin, Texas, factory celebrating the inaugural deliveries of the highly anticipated Cybertruck. The unique truck, characterized by its angular design and stainless-steel exterior, marks Tesla’s first new passenger vehicle in over three years.

This addition expands Tesla’s existing lineup, including the Models S, 3, and X, along with a semi-truck. The Cybertruck launch comes at a time when the electric vehicle industry is grappling with concerns about demand, prompting Tesla and other manufacturers to explore discounts to stimulate sales.

Tesla’s shares concluded the day with a 1.8% decrease, despite having shown a 98% increase in 2023 as of Wednesday’s close.

On Thursday, twelve individuals received their vehicles at the event, marking four years since Elon Musk first revealed the Cybertruck in a November 2019 unveiling. The initial presentation included a memorable moment when an employee inadvertently shattered the supposedly breakproof glass.

On Thursday, Musk recreated the act of hurling a baseball at the Cybertruck’s windows, and this time, they did not shatter. Speaking at yesterday’s event, Elon Musk said:

“We have a car here that experts said was impossible, that experts said would never be made. I think it’s our best product. I think it’s the most unique thing on the road, and finally, the future will look like the future.”

Details Regarding Tesla Cybertruck

On Thursday, Elon Musk revealed that the Tesla Cybertruck boasts a payload capacity exceeding a ton (2,000 pounds) and can tow over 11,000 pounds. The electric pickup truck, with a six-foot by four-foot bed and 17 inches of ground clearance, was officially launched on Tesla’s website after the event.

The Cybertruck comes in three trims, starting with the rear-wheel drive version at $60,990, providing a range of 250 miles, with deliveries expected in 2025. The all-wheel drive model starts at $79,990, featuring a range of 340 miles, while the top-end Cyberbeast begins at $99,990 with a 320-mile range, both slated for 2024 deliveries.

Despite the initial announcement four years ago that the base model would start at $39,900, Tesla’s website now reflects the revised pricing. Currently, there are approximately 2 million Cybertruck reservations, although the production status at the Texas plant remains undisclosed.

During the Q3 earnings call, Elon Musk cautioned investors about the expectations for the Cybertruck, highlighting “enormous challenges” in achieving volume production. Musk anticipated Tesla would produce approximately 250,000 Cybertruck units annually, with his best estimate pointing to reaching this output by 2025.

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