NewsBreak: Tesla Set to Unveil Its 'Cybertruck' By Investing.com

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NewsBreak: Tesla Set to Unveil Its 'Cybertruck'

Stock Markets Nov 06, 2019 01:24PM ET

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NewsBreak: Tesla Set to Unveil Its 'Cybertruck'

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Investing.com – Electric-vehicle-maker Tesla (NASDAQ:TSLA) plans to unveil its new all-electric pickup truck, what CEO Elon Musk calls the 'Cybertruck,' later this month.

The pickup is scheduled to be unveiled Nov. 21 near the Space X factory in Los Angeles, Musk said in a Wednesday morning tweet. The unveiling will come the day before the Los Angeles Auto Show opens.

Tesla (NASDAQ:TSLA) expects to roll out the pickup after its Model Y SUV goes into production next summer. It wasn't clear when the pickup would be available for sale.

In June, Musk said the pickup will start at under $50,000. The truck is supposed to have two motors, "crazy torque," a dynamic suspension that adjusts for load, and outlets for power tools.

Offering trucks and SUVs are high on Tesla's priority list. More than half of new vehicles sold in the United States are SUVs or light trucks, including pickups. More importantly, they are more profitable than passenger cars. Tesla (NASDAQ:TSLA) shares were up 0.4% Wednesday afternoon. Down about 4.3% this year, the shares are up 32% this quarter.

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