One of the most anticipated automotive launches of all time is set for Thursday, with Tesla Inc TSLA set to make the first deliveries of the Cybertruck electric pickup truck.
The event is several years in the making and comes after several delays. Here's a look back at the Cybertruck’s development and what's next.
Cybertruck Unveiling: Tesla unveiled the Cybertruck on Nov. 22, 2019. At the time, the company said the vehicle would begin deliveries in late 2021 with a price range of $29,900 to $69,900.
The electric pickup truck was inspired by "Blade Runner" and a vehicle in the James Bond movie "The Spy Who Loved Me."
During the event, the vehicle's stainless steel body was displayed with the vehicle's designer attempting to show off the durability of the vehicle. Franz Von Holzhausen tested the window with a metal ball, but the window instead shattered.
Instead of hurting the vehicle's image or demand, the event went viral and may have helped create more buzz.
Tesla CEO Elon Musk announced later that the company saw over 250,000 reservations made for the vehicle in one week, with customers putting down $100 to secure their reservation.
Related Link: Elon Musk Owns An Iconic $1M James Bond Movie Car: The Crazy Story Of Couple Who Bought It For $100
Cybertruck Launch Event: At 3 p.m. ET on Thursday, Nov. 30, Tesla will host its Cybertruck delivery event at the company's Gigafactory Texas.
Shareholders were invited to join a lottery to attend the event. The company said the event saw incredibly high demand from shareholders to attend.
Investors, analysts and potential customers will be hoping to get more guidance on the price of the Cybertruck, which will come with several models and price ranges.
High Praise From Many: Among the Tesla investors that are looking forward to the Cybertruck launch is Ark Funds CEO Cathie Wood.
"We think Cybertruck is going to expand the truck market, just like the Model 3 has expanded its category," Wood told Benzinga in an episode of "The Raz Report."
Wood said the Cybertruck could also help Tesla reach new consumers who might have regional preferences. The investor said consumers in the Midwest might be more likely to buy vehicles like the F-150 Lightning electric pickup truck from Ford Motor Company F.
Podcast host Joe Rogan has also been among the biggest supporters of the Cybertruck. In a recent podcast with Dwayne "The Rock" Johnson, Rogan shared how cool the vehicle is in person and how he tested the truck's durability by shooting arrows at it.
"It's a spaceship," Rogan said. "Seeing it in real life is so cool. There's something about photos. You're not physically there. When you're physically there and get to look at it you're like, ‘OMG this thing is so f***ing cool.’"
Rogan previously praised the Cybertruck on a past episode, saying it was "the coolest car I've ever seen."
High Expectations: Musk has done his best to limit early expectations for the Cybertruck.
"I always like to downplay the start of production because the start of production is always very slow. I t increases exponentially, but it's always very slow at first. So I wouldn't put too much thought into start of production," Musk said earlier this year. "It's kind of when volume production actually happens, and that's next year."
Musk has said the Cybertruck could hit annual production of 250,000 units by 2025.
The launch of the Cybertruck gives Tesla its first electric pickup truck that will compete with EV models from Ford and Rivian Automotive RIVN and traditional pickup trucks.
In 2022, the F-Series pickup truck from Ford was the top-selling vehicle in the U.S. with more than 650,000 units. Truck models from General Motors and Stellantis NV ranked second and third among U.S. vehicles sold, respectively, and five of the top 10 bestselling vehicles last year were pickup trucks.
Tesla has begun sending display models of the Cybertruck to select store locations across the U.S. The locations saw strong demand and lines with consumers hoping to get a glimpse of — and pictures with — the vehicle.
The electric vehicle company has not shared official pre-order numbers other than saying over 1 million vehicles have been pre-ordered. Third party estimates show over 2 million Cybertrucks pre-ordered.
TSLA Price Action: Tesla shares traded at $245.28 Tuesday versus a 52-week trading range of $101.81 to $299.29. Shares of Tesla are up 125% year-to-date in 2023.
Read Next: Here’s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019
Photo courtesy of Tesla.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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