You’re here (NASDAQ: TSLA) The share price has started to rebound amid reports of substantial growth in Cybertruck orders. The stock price had lost more than 6% of its value after the initial presentation, with Wall Street raising questions about the design.
Elon Musk continues to highlight the progress via Twitter. Musk tweeted that Cybertruck’s orders hit 250K in just five days after launch.
Three years ago, its Model 3 received 325,000 orders in the first week. Market players are suggesting Cybertruck exceed the first week pre-order figure. Tesla’s stock price is down slightly from this year’s high of $ 360.
Cybertruck is yet another innovation from Tesla
Tesla is the biggest player in the electric vehicle industry. Ford (NYSE: F) and General Motors (NYSE: DG) is lagging behind when it comes to electric vehicles. The company again outclassed the two big players by presenting its idea of an electric pickup.
General Motors CEO Mary Barra also announced that she is following the idea with the launch of the first electric pickup truck in fall 2021.
Tesla’s Cybertruck is expected to enter the U.S. auto market in late 2021 and 2022. The company plans to price the futuristic trapezoidal-shaped vehicle at $ 39,900. The towing capacity of the truck would be 7,500 pounds. The price of the two-engine model is $ 49.9K while the price of the three-engine model is set at $ 69.9K. These models have the capacity to tow 10K and 14K pounds.
Elon Musk said: “The Cybertruck will go from zero to 60 in about 2.9 seconds. Musk featured a video in which an electric truck easily beat an F-150 in a standoff and also passed a Porsche 911 at the start line.
Tesla share price could rebound again
TSLA shares are currently hovering well below an all-time high of $ 380. Fortunately, with strong orders for Cybertruck, the company is poised to improve profitability. She is working on several initiatives to lower production costs. Therefore, market analysts present the bullish case of the Tesla share price.