Tesla shares rise as Elon Musk claims Cybertruck orders hit 200,000

By Daniel Brightmore
Tesla shares rose 4% on Monday after CEO Elon Musk tweeted over the weekend that the company had already received 200,000 orders for the its futuristic...

Tesla shares rose 4% on Monday after CEO Elon Musk tweeted over the weekend that the company had already received 200,000 orders for the its futuristic Cybertruck pickup.

The truck failed to impress Wall Street last week at a calamitous unveiling where its armoured glass was shattered by Musk during a launch demonstration, reports Reuters.

The Cybertruck is made of stainless steel used in rockets and will retail at $39,900. In the aftermath of its launch analysts remained unimpressed, doubting the design’s mass appeal.

Tesla opened preorders immediately, however, and allowed potential buyers to book the truck by depositing a fully refundable $100, compared to the $1,000 Tesla charged for booking Model 3 sedans in 2016, drawing the flood of reservations and sending the company’s shares back up on Monday.

SEE ALSO:

Tesla to bulk up world’s largest lithium-ion battery

Tesla to open first European production plant in Berlin

Hyundai launches hybrid vehicle with solar panels

Read the latest issue of Manufacturing Global here

Tesla received 325,000 orders for the Model 3 in the first week of bookings three years ago, and the initial number for the trucks suggested preorders could rival that. 

Not all orders translate into sales as many are likely eventually to be canceled and money refunded to depositors. Tesla plans to start manufacturing the Cybertruck around late-2021. 

Even with Model 3’s bigger deposit there was high churn, Roth Capital analyst Craig Irwin said. “$100 deposit for the truck? That’s fluffy. Just a fluffy order number.”

From touting the features of Cybertruck to taking a dig at Ford’s F-150 pickup truck, Musk has been tweeting furiously to boost sales since Thursday’s launch. 

"Better truck than an F-150, faster than a Porsche 911," he tweeted here over the weekend, posting a video of the Cybertruck dragging the F-150 uphill.

Elon Musk Tesla Cybertruck

 

Share

Featured Articles

Three steps to building a resilient enterprise ecosystem

Rob McAveney, CTO at software company Aras, shares his three top tips to create a resilient enterprise ecosystem which can help businesses to adapt

Chocolate manufacturer Venchi on sustainable packaging

Cècile Osti, of luxury chocolate manufacturer Venchi, discusses balancing tradition while expanding the market, Easter 2022 & sustainable packaging

Sustainability goals in manufacturing need a boost with AI

Moving sustainability goals from the boardroom to the control room will need the power of AI to truly reduce emissions, says Jane Ren, founder of Atomiton

Mitigating market disruptions using AI in manufacturing

AI & Automation

Business Intelligence: defining customer experience at Accu

Technology

Expect to see these food manufacturing trends in 2022

AI & Automation