Tesla CEO Elon Musk revealed on the social platform X that the Cybertruck electric pickup truck was on its way to Tesla stores in North America. On October 19, Tesla stated on its official Weibo that it would hold a Cybertruck delivery event at the Texas Gigafactory on November 30.
Previously, Tesla CEO Elon Musk said that 1 million people had pre-ordered the Cybertruck.
On October 10, well-known Tianfeng analyst Ming-Chi Kuo said Tesla’s Cybertruck electric pickup truck is expected to ship 100-200 units this year, 100,000-120,000 units next year, and 240,000-260,000 units in 2025.
Ming-Chi Kuo said that the competitive advantage brought by Cybertruck’s innovative design (such as aerodynamic efficiency) is expected to be maintained until 2030, and the newly designed Cybertruck 2 may not start shipping until 2030. Before the launch of Cybertruck 2, Cybertruck will also launch a version with upgraded/modified specifications while keeping the appearance design largely unchanged.
He also mentioned that Cybertruck’s contribution to Tesla’s revenue and profit growth in the next few years is obvious, and this contribution will not be affected by seasonality and recession in the foreseeable future.
At present, the market has always had high expectations for this electric pickup truck, and the popularity of this model has continued to rise. However, some analysts are not optimistic about Tesla’s Cybertruck electric pickup truck.
“Better cancel delivery”! Tesla’s earnings fell, and analysts said it was difficult for Cybertruck to provide help in times of crisis. Jefferies analysts wrote on Monday that the electric car giant would be better off shelving the highly anticipated vehicle. Jefferies analyst Philippe Houchois lowered his price target on Tesla to $210 from $250 and maintained a “hold” rating. Houchois wrote on Monday: “While the cancellation of Cybertruck days before first deliveries is unlikely, it could be positive for the stock price. Given that 2024 is already a year of lost growth, it will help Tesla refocus on Building on advantages of simplicity, scale and speed.”
Tesla fuels pessimism in Q3. Tesla’s third quarter report shows that in the third quarter of this year, Tesla’s revenue was approximately US$23.4 billion, a year-on-year increase of 9%, lower than Wall Street’s expectations of US$24.3 billion, the slowest growth in three years; net profit was US$1.853 billion. , down 44% year-on-year.
Not only that, affected by large-scale price cuts during the year, Tesla’s gross profit margin continued to decline. In the third quarter, the gross profit margin was 17.9%, down 0.3 percentage points from 18.2% in the second quarter, hitting a four-year low.
Regarding the reason for the decline in net profit, Tesla explained that the profit decline was due to underutilization of the new factory, increased operating expenses due to the upcoming electric pickup truck Cybertruck, and expenditures on artificial intelligence and other projects.
Elon Musk said on the third-quarter earnings call that Cybertruck will face “huge challenges” in achieving mass production. Elon Musk (reminds investors not to get their hopes up about its sales expectations because it is difficult and expensive to make).
Elon Musk did not provide a sales target for the new car in 2024, but he speculated that annual sales of this car may reach 250,000 units by 2025. Elon Musk did not give more details about the “huge challenge” he mentioned.