Tesla Cybertrucks Orders Have Gone Insane as Musk Boasts of “off the Hook” Demand
Key takeaways
- Tesla’s Cybertruck allegedly has 1.9 million pre-orders
- The EV automaker is looking to deliver the first Cybertrucks later this year and manufacture 500,000 units a year
- Tesla’s share price took a hit last week after the Q2 earnings call, falling nearly 10%
Fancy waiting five years for a Tesla Cybertruck? Unfortunately, that’s the reality for fans of the futuristic new truck as pre-orders near two million. Elon Musk said demand was ‘off the hook’ during the latest Tesla earnings call, where the beat was fine but the share price still suffered a hit. Let’s get into it.
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What’s the latest on Tesla’s Cybertruck?
A crowd-sourced data tracker has put back-orders for Tesla’s much-anticipated Cybertruck model at 1.9 million. First revealed in 2019, the Cybertruck captured the imagination of every driver who also wanted to feel like they’re in Blade Runner.
On Tesla’s latest earnings call, CEO Elon Musk revealed demand for the yet-unreleased model is “so off the hook, you can’t even see the hook”. That might be the usual posturing from the billionaire, but if the data is accurate, that’s a pretty insane amount of Cybertrucks.
Tesla confirmed a few weeks ago that it would finally start shipping the first Cybertrucks out to customers by the end of the year and that it hopes to ship 500,000 units each year. The EV truck, which has a love-it-or-hate-it utilitarian design, is set to start off with a 350-mile range.
It only costs $100 to reserve a Cybertruck, so it’s not certain everyone will go through with the purchase, but at Tesla’s projected manufacturing schedule, buyers at the end of the queue are looking at a five-year wait.
Tesla’s earnings performance
Tesla had a solid second quarter, reporting earnings per share of 91 cents, way up against Wall Street’s expectations of 80 cents a share. Operating income was at $2.4 billion for the second quarter based on sales of $24.9 billion; sales hit, but operating income missed forecasts.
New car prices and profit margins declined, indicative of the tricky market automakers are facing. On the earnings call, Musk commented that Tesla’s production would be lower in the third quarter and that he’s backing autonomous self-driving vehicles over profit margins.
Something he said must have spooked investors, as Tesla shares fell 4% after the call and closed 9.7% down. Tesla bulls needn’t worry too much — the stock is still one of the major winners in 2023, having soared 145% this year.
The bottom line
The hype around the Cybertruck is nuts, with a long road ahead if Tesla will fulfil that many orders. That being said, if the leading U.S. EV company can deliver (literally) on the Cybertrucks, it presents a very exciting opportunity for investors in the medium term.
The Tesla Cybertruck will be the latest quirky edition to the EV market, which is increasingly competitive. You can direct your investing power to make the planet greener with Q.ai’s Clean Tech Kit. It packages up eco-friendly stocks and adjusts the holdings automatically, all with the help of an AI algorithm to assist in your wealth-building journey.
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