On Thursday, electric vehicle leader Tesla Inc TSLA hosted its Cybertruck delivery event at its Giga Factory in Texas.
The event celebrated the first deliveries of the highly anticipated electric pickup truck.
What Happened: Tesla CEO Elon Musk spoke to special guests at the Tesla Cybertruck event, driving a unit of the vehicle into the room and speaking while standing on the bed of the vehicle.
"Once in awhile, once in a long while, a product comes along that is rare," Musk said.
The Tesla CEO said that every five to 10 years something really special comes along and this is one of those special moments.
"We'll remember those special moments."
Musk highlighted how experts said the Cybertruck was an impossible vehicle to be made.
"I think it's our best product."
With the Cybertruck, Musk said "finally the future will look like the future."
During the event, Musk highlighted several features via video including how the Cybertruck is bulletproof and doesn't roll over due to a low center of gravity.
Tesla Chief Designer Franz von Holzhausen recreated a viral moment from four years ago where a demo Cybertruck unit had its window smashed. A baseball thrown at the Cybertruck Thursday did not break the window.
Musk said with the Cybertruck you don't have to worry about rocks hitting the windows and cracks and also said the truck is smooth and quiet.
A video showed the massive towing capabilities of the Cybertruck that Musk highlighted with the vehicle outpulling trucks from Ford Motor Company F and Rivian Automotive RIVN.
"It's an incredibly useful truck."
A video showed the Cybertruck on a drag strip against a Porsche 911 where the pickup truck was faster pulling a Porsche 911 than a Porsche 911.
After Musk’s presentation, the first deliveries of the Cybertruck took place.
Related Link: Cybertruck Named ‘Disruptor Of The Year’ Ahead Of Delivery Event: ‘Elon Musk’s Stainless Steel Cyberpunk Fantasy’
Why It's Important: The Cybertruck is one of the most anticipated vehicle launches in years. Tesla has confirmed it has over one million reservations of the pickup truck. Third party estimates say the company could have over two million reservations.
Tesla is expected to hit annual production of 250,000 Cybertruck units in 2025.
Tesla pricing for the Cybertruck is live on the company's website with the following three models shown.
- Rear-wheel drive: 250 miles estimated range, 2025 deliveries, $60,990
- All-wheel drive: 340 miles estimated range, 2024 deliveries, $79,990
- Cyberbeast: 320 miles estimates range, 2024 deliveries, $99,990
The prices are before potential tax credits and savings. A $250 refundable deposit is required to reserve the Cybertruck today.
Wedbush analyst Dan Ives, who has an Outperform rating and $310 price target, said he expects pricing for the Cybertruck to be a range of $50,000 to $80,000.
TSLA Price Action: Tesla shares trade at $239.98 versus a 52-week trading range of $101.81 to $299.29.
Photo: Tesla and Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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