The much-anticipated Tesla Inc (NASDAQ:TSLA) Cybertruck delivery event is kicking off at 3 pm ET Thursday at its Austin Gigafactory, and investors will be watching for details on delivery timelines, new model specs and pricing.
“The Street is excited to see the formal vehicle launch featuring the dual-motor trim and its top-level tri-motor [all-wheel drive] performance model along with updates regarding production and scaling of the Cybertruck platform which is expected to be ~250k units per year by FY25,’ analysts at Wedbush wrote.
There are some specifications already known, such as 30x cold-rolled stainless-steel structural skin and armored Tesla glass windows. The vehicle will also have a towing capacity of more than 14,000 pounds, 100 cubic feet of extension, acceleration from 0-60 in 2.9 seconds and up to 500 miles of range, Wedbush noted.
The firm expects Tesla to produce 2,000 to 3,000 units in the current quarter, with a 10,000-unit quarter expected in the first half of 2024.
“Tesla converted to building 100% Cybertruck cells to simplify and focus the Austin factory as the company ramps all four lines in Phase 1 over the next 6 to 9 months to hit its ~250k per year capacity sometime in FY25,” the analysts wrote.
Then there’s the question of pricing. In 2019, Tesla announced that the Cybertruck would come with a starting price of $39,900 for the base single-motor rear-wheel drive version, $49,900 for the dual-motor AWD truck and $69,900 for the tri-motor AWD.
“We believe updated pricing will come out at Thursday's event on each of the trim levels as the company scales the Cybertruck production story to give more clarity to the Street, the analysts noted.
“Whisper numbers for the single motor are in the ~$50k range, with prices for the dual and tri-motor variants likely to be in the $60k - $80k range.”
Wedbush reiterated an Outperform rating and $310 price target for Tesla. Shares of the company traded 0.1% higher Tuesday morning at $236.36.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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