Tesla enters the electric truck battle after first Cybertruck rolls off the production line
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Tesla (NASDAQ:TSLA) announced on Twitter on Saturday that the first Cybertruck was built out of the company's Gigafactory in Austin, Texas.
The new model from Tesla (TSLA) is the automaker's fifth overall and the first since Model Y production began in January of 2020. The Cybertruck features available all-wheel drive and is promised to tow up to 14,000 pounds. The driving range has been estimated at over 500 miles. Tesla (TSLA) has claimed in the past that the Cybertruck will have a zero-to-60 mph speed of 6.5 seconds and top out at 110 miles per hour. Cybertruck is said to accept one megawatt direct current charging, which means it will charge very fast with hundreds of miles of range delivered in minutes. Pricing on the tri-motor version is anticipated to be over $70,000. Tesla Cybertruck buyers may be eligible to receive a federal tax credit of up to $7,500.
Earlier in the year, Elon Musk estimated that Tesla could sell between 250,000 and 500,000 Cybertrucks a year at a full production pace. "We'll make as many as people want and can afford," he stated. However, Wall Street analysts are modeling fewer than 100K Cybertruck deliveries for both 2023 and 2024. Competing electric trucks with the Cybertruck include the Ford F-150 Lightning (F), Chevrolet Silverado EV (GM) , Rivian R1T (RIVN), and GMC Sierra EV (GM).
Tesla earnings preview: Tesla (TSLA) will report earnings for the second quarter on July 19. Analysts are expecting revenue to grow 47% year-over-year to $24.7B and EPS to come in at $0.81. The biggest focus for investors could be the impact of the price cuts by Tesla during the quarter. Gross margin is seen falling to 18.7% from 19.3% in Q1 and EBITDA is seen slipping to $4.14B from $4.27B in the prior-year quarter. Other items of interest will be the energy storage update, and the outlook for the Austin, Shanghai, and Berlin gigafactories. Tesla's current guidance is for 1.8M vehicles deliveries in 2023 vs. the 1.37M vehicles delivered in 2022. On the earnings conference call, Elon Musk could stir things by by updating on the sub-$30K Model 2, which is expected to be built out of Mexico sometime in 2025. Tesla (TSLA) may also set a date for its Cybertruck event, add context to the upside from automakers across the industry adopting the NACS charging standard, and add color about the planned Model 3 refresh. Options trading on Tesla (TSLA) implies a share price swing of 8% following the report. Tesla (TSLA) shed 9.8% after its last earnings report. Over the last 90 days, the electric vehicle stocks with the strongest trading correlation to Tesla (TSLA) have been Rivian Automotive (RIVN) and Lucid Group (LCID).
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