Tesla’s reveal last week of the Cybertruck seemed like the beginning of some bad juju for the all-electric truck. First, Tesla Chief Designer Franz von Holzhausen broke the windows of the Cybertruck during a demo, followed by all of the negative reactions to the pickup’s design in the Twitterverse. Instead, everything’s coming up in $100 bills for the all-electric manufacturer.
Just 72 hours after the Cybertruck launch extravaganza Tesla’s stock price rose 4% today. That’s not all. Also today Tesla CEO Elon Musk tweeted there were over 200,000 pre-orders received for the Cybertruck. So much for the negative waves.
Beating market analysts with stock prices and Cybertruck orders
With Wall Street turning a blind eye to the launch and window malfunction, and business analysts proclaiming the truck didn’t have mass appeal, it looks like all of the naysayers were entirely wrong. Pre-orders started coming into Tesla immediately after the Cybertruck’s LA debut. You can place an order for the pickup with just $100 down.
Keeping the deposit price lower than the $1,000 Tesla previously charged to get on the Model 3 waiting list did two things. It encouraged many to take advantage of the cheap buy-in and instantly filled the coffers by hundreds-of-millions of dollars. Once the orders were announced and the money was in the bank it had to raise the stock shares.
Shares were up at premarket trading at $345.50, and closed at $336.34, up at one-percent from Friday.
Musk uses Twitter to rally Cybertruck orders
With 30 million followers of his Twitter account, Elon Musk tweeted throughout the weekend rallying potential buyers. He sang the praises of the Cybertruck while taking jabs at the Ford F-150. He also posted a video of a Cybertruck yanking an F-150 up a hill, though we don’t know why he thought that significant. After all, an F-150 weighs 4,500 lbs. So Elon, what does that prove?
Granted, all of these pre-orders don’t turn into sales. Some will be returned, but a lot of them will translate into a new Tesla pickup. And, in the meantime, it is providing some extra capital for Tesla to extend to Cybertruck development.
The truck is slated to go into production later in 2021, with a starting price of $39,000. Whether Tesla can stick to its stated price is another question. It also gave early price info for the Model 3 sedan, only to have to up the list price substantially. So, while it’s hopeful that the price will stay down, it’s anyone’s guess whether it will.
Tesla also announced that the little quad-runner demonstrated being loaded into the Cybertruck will also be produced. Tesla is saying the highest range available will be over 500 miles, which is substantially higher than the competition.