Tesla delivered 12 Cybertrucks during its delivery event Thursday at its Austin, Texas, factory with pomp and circumstance as Chief Executive Elon Musk outlined key specs for the hotly anticipated vehicle. TSLA shares traded lower Friday after the event.
The Cybertruck is the EV maker's first new passenger vehicle since the Model Y launched in early 2020. Twelve people were delivered their vehicles Thursday at the event four years after Elon Musk unveiled the Cybertruck in a November 2019 event, during which an employee infamously shattered the supposedly breakproof glass.
"We have a car here that experts said was impossible, that experts said would never be made," Musk told the crowd Thursday at the event.
"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," Musk added.
Musk re-enacted pelting the Cybertruck's windows Thursday, with a baseball, and they did not shatter.
Musk said Thursday the Tesla Cybertruck has a payload capability of more than a ton, or 2,000 pounds, and can tow more than 11,000 pounds. He added that the bed length is six feet long and four feet wide and that it has 17 inches of ground clearance.
The Tesla Cybertruck went live on the company's website following the event. The EV giant offers three trims, with the rear-wheel drive version starting at $60,990 with a 250 mile range. The base model will be available in 2025, according to Tesla's website.
Meanwhile, the all-wheel drive version has a starting price of $79,990 with 340 miles of range. Tesla is also offering a top end trim, called the Cyberbeast, starting at $99,990 with a 320 mile range. Both the all-wheel drive version and the Cyberbeast have 2024 deliveries.
Tesla stock fell around 2% Friday during premarket action. On Thursday, ahead of the Tesla Cybertruck event, TSLA dropped 1.7% to 240.08. Shares angled 1% lower on Wednesday after gaining 4.5% to 246.72 on Tuesday, moving above its 50-day moving average.
Tesla Cybertruck Price Changes
Four years ago, Tesla announced the price would start at $39,900 after Musk had previously said he wanted to price the base model under $50,000. Originally, Tesla and Musk stated the trimotor Cybertruck would have 500 miles of range with the dual-motor model managing 300 miles and the base rear-wheel version getting 250 miles per charge. During the 2019 launch, Tesla claimed up to 3,500 pounds of payload.
Earlier this month, Tesla added and then quickly ended a $50,000 resale clause for the Cybertruck, in an attempt to prohibit flipping of the vehicle.
There are currently around 2 million Cybertruck reservations, according to industry estimates. However, it remains unclear how many delivery-ready Cybertrucks have been produced at the Texas plant.
It's also unclear how many reservations will translate into firm orders.
Musk Warns Production Ramp Is Steep
TSLA shares sank on Oct. 19, after the company reported worse-than-expected Q3 earnings and revenue. Tesla reported third-quarter earnings down 37% to 66 cents per share, the lowest in two years. Meanwhile, quarterly revenue increased 9% to $23.35 billion. Tesla's auto gross profit margins, excluding regulatory credits, fell to 16.3%.
Elon Musk on the earnings call also preached caution, offering investors warnings about the upcoming Cybertruck and the broader economy. The following day, Tesla stock fell 9.3%.
Musk said that while preliminary Cybertruck deliveries begin on Nov. 30, it will take 12 to 18 months before the new vehicle is a "significant positive cash flow contributor."
"I just want to temper expectations for Cybertruck," Elon Musk told investors during the Q3 earnings call.
Musk added there will be "enormous challenges" in reaching volume production with the Cybertruck. He said Tesla will end up producing around 250,000 Cybertruck units per year. Musk said his best guess is Tesla will reach that output sometime in 2025.
Tesla Cybertruck: Stock Performance
Tesla stock gained around 20% in November ahead of the Tesla Cybertruck delivery event.
The stock is building the right side of a double-bottom base giving it a 278.98 buy point, according to MarketSmith analysis. Tesla stock is about 15% below its official buy point. However, there is a trendline running from July 19 that could offer investors an early entry using Wednesday's high of 252.75.
Since the beginning of 2023, Tesla stock has surged around 100%, easily outperforming the broader S&P 500 index.
Tesla stock ranks sixth in the 35-stock IBD automaker industry group. The S&P 500 component has an 87 Composite Rating out of a best-possible 99. Tesla stock also has an 84 Relative Strength Rating and an 88 EPS Rating.
Please follow Kit Norton on X, formerly known as Twitter, @KitNorton for more coverage.
YOU MAY ALSO LIKE:
Get An Edge In The Stock Market With IBD Digital
Labor Unions Keep The Heat On Starbucks And Amazon
