STOCK NOW Tesla Stock (NASDAQ:TSLA): Cybertruck Pricing Irks Investors

Tesla Stock (NASDAQ:TSLA): Cybertruck Pricing Irks Investors


- Advertisment -

Tesla’s (NASDAQ:TSLA) stock fell 1.7% in regular trading yesterday and shed another 2.1% in extended trading after the pricing of the much-awaited Cybertruck irked investors. CEO Elon Musk unveiled the electric pick-up truck at the official delivery event from the Gigafactory Austin yesterday afternoon.

Cybertruck’s Deliveries and Pricing Disappoint Investors

Musk showed off the features of the Cybertruck, including its bulletproof stainless steel body and rock-solid windows, but refrained from disclosing the price range. The prices were revealed on the electric vehicle (EV) maker’s website. Only 10 Cybertrucks were delivered yesterday, while analysts and investors had hoped for deliveries of 10 to 30 units.

The most disappointing part was that the base model rear-wheel drive version of the Cybertruck is now priced at $60,990, much higher than the original launch price of roughly $40,000 before tax breaks and incentives, as stated in 2019. The commercial deliveries of the base model Cybertruck are scheduled for 2024. Meanwhile, the “Cyberbeast” is priced at $99,990, with the all-wheel drive version costing $79,900.

Musk boasted that the electric pick-up would “change the look of the roads,” and exclaimed that the “future finally looks like the future.” The high price should not surprise investors as Musk warned of unique production challenges in Cybertruck’s manufacturing on several occasions earlier. While the Cybertruck did mark Tesla’s official entry into the electric pick-up truck market, its high pricing and delayed deliveries could benefit rivals Ford (NYSE:F), General Motors (NYSE:GM), and Rivian (NASDAQ:RIVN).

Is Tesla a Good Buy?

Owing to the tough macro environment, company-specific issues, and subdued demand for EVs, Tesla currently has a Hold consensus rating. This is based on 14 Buys, 13 Holds, and six Sell ratings on TipRanks. The average Telsa price forecast of $247.29 implies 3% upside potential from current levels. Year-to-date, TSLA stock has zoomed 122.1%.



Please enter your comment!
Please enter your name here

Latest news

Kim Kardashian wears sexy knitted black dress as she joins Hollywood stars Cher, Tom Brady and Sylvester Stallone at grand opening of the new...

Kim Kardashian made a low-key arrival at the launch of the launch of Fontainebleau Las Vegas — the newest upscale resort in...

Nifty Today | Share Market Live Updates: Sensex surges 850 pts; Nifty tops 21,400; TCS, Infy, HCL Tech lead

Nifty Today | Share Market Live Updates: India's key stock indices are seeing strong gains, hitting new...

Popularity is still on the rise for the only two Paralympic exclusive sports

One sport is hundreds, possibly thousands, of years old while the other is a relative newcomer. Nevertheless, they do have...
- Advertisement -

In South Korea, more young people say marriage ‘not necessary’ as nation’s birth rates plummet

“I don’t like either scenario. I will make a living for myself and myself alone is enough,” he said.Children...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you