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Tesla Cybertruck in Demand as Pre-Orders Top 650K, Wedbush Estimates

Stock MarketsJun 22, 2020 05:03PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - Tesla is not expected to start production of its Cybertruck until late-2021, but early signs of strong demand for the company's electric pickup are already beginning to emerge, according to Wedbush Securities analyst Dan Ives.

Tesla (NASDAQ:TSLA) ended the day down 0.66%, and was largely flat in after-market hours.

"We estimate that pre-order levels are staggering coming out of the gates since announced last year and currently stand north of 650,000 based on our estimate with momentum," Ives said. Ford Motor Company (NYSE:F), the leader in the pick-up truck market, sells roughly 1 million F-150 pickups per year.

The initial Cybertruck will be sold in three models: a single motor version with battery range of 250+ miles (base model), a dual motor version with a battery version of 300+ miles starting at $49,900 and a trifecta-motor version with a range of 500+ miles which starts at $69,900, Ives added.

In a sign of sufficient demand for its Cybertrack, Tesla would need to meet the 175,000-to-200,000 unit threshold in its first full year of deliveries, which will likely be 2022, the firm added.

Given the strong level of initial demand, however, investor focus will shift to which location Tesla will choose for its Cybertruck production, Ives added. Austin, Texas, is likely the front runner, though Tulsa, Oklahoma, is also in the running.

Tesla Cybertruck in Demand as Pre-Orders Top 650K, Wedbush Estimates
 

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Comments (9)
Sam Crowther
Sam Crowther Jun 23, 2020 12:10AM ET
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How about actual factual numbers and not “estimates”
Leeko Williams
Leeko Williams Jun 22, 2020 10:16PM ET
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Report the refunds too
Tuan Nguyen
Tuan Nguyen Jun 22, 2020 9:37PM ET
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Hurry up Tesla! I want my tri-motor Cybertruck!
Day Trader
Day Trader Jun 22, 2020 7:42PM ET
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Typical Bs Article for the Blind
Ronald Warren
Ronald Warren Jun 22, 2020 7:20PM ET
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The article said that the 650,000 was a lie. It's an estimate plus momentum. Elon is fishing for a pump!
Dizzle TheRizzle
Dizzle TheRizzle Jun 22, 2020 7:08PM ET
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The preorders were $100. I have 3-4 friends who all pre-ordered just for fun see if they would be worth more on release (the preorder is refundable). If 650k of these hit the streets in the states I'll give up trading. for god sakes tesla only sold 13k cars last quarter. You think they will sell 650k of the ugliest car on the planet. LMAO just more fake news to prop an over valued stock even more over valued. THEY DONT MAKE ANY MONEY. 4 straight quarters of LOSES.
Bruce Wayne
Bruce Wayne Jun 22, 2020 7:08PM ET
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well said... the st₩p!d$ behind this bubble share think we're blind mo#ons don't know nothing...
dick schwinn
justanoldguy Jun 22, 2020 6:50PM ET
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Looks like Rivian is also slated for 2021, in terms of aesthetics the Rivian wins hands down (to my eye anyway)
Bruce Wayne
Bruce Wayne Jun 22, 2020 6:32PM ET
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Very ugly and it's presentation was a shame.
Max German
MaxiGE Jun 22, 2020 5:55PM ET
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what for people order such ugly car that has biggest fail presentation in history? u need to have some problems above
Muthanna Akram
Muthanna Akram Jun 22, 2020 5:55PM ET
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you're behind on the times
Muhamed Jaffir
Muhamed Jaffir Jun 22, 2020 5:55PM ET
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because the cyber truck will keep you safe from jogging protestors.
 
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