Tesla has surprised its fans by unexpectedly withdrawing the cheaper versions of its Cybertruck electric pickup truck. During the presentation of the 2019 model, Elon Musk noted his desire to compete with Ford, and his Cybertruck was supposed to be an alternative to the Ford F-150 car, with prices starting at $39,900. Now, however, the cheapest version costs $100,000, while it is possible to buy the F-150 from around $37,000.
Tesla has quietly removed rear-wheel-drive versions, priced at around $61,000 and $80,000, respectively, from ordering options, which (for orders placed this year) were expected to be available in 2025. Currently, the only options available to customers now are the all-wheel-drive version at $99,990 and the most expensive Cyberbeast model at $119,990.
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Open account Try demo Download mobile app Download mobile appWes Morrill, the engineer responsible for the Cybertruck, assured that the cheaper versions have not been completely canceled, but uncertainty among fans is high.
Tesla is facing serious production problems with the Cybertruck due to its unique design. Despite delays and price increases, the company says it is ramping up production, as evidenced by planned deliveries of all-wheel-drive versions and the Cyberbeast later this year.
The withdrawal of the cheapest versions of the Cybertruck may increase investor doubts about the future of other lower-priced models, whose faster production the company announced at a conference in
The withdrawal of the cheapest versions of the Cybertruck from the portfolio may increase investors' doubts about the future of other cheaper models, whose faster production the company announced at its 1Q24 earnings conference call. If, in fact, the cheaper models are delayed or the company modifies them just as it did with Cybertruck it will most likely mean another negative catalyst weighing on the share price.
Tesla's stock is down more than 1.7% today. A technical pennant formation in a downtrend is forming on the chart, which, if the bottom of the formation is broken out, could indicate the risk of deepening losses. Classic technical analysis indicates the range of potential declines at as high as $168.9, which would mean approaching the support zone marked by the May consolidation near $167.3. However, it is worth noting that the electric car manufacturer's stock price is currently strongly influenced by investors' concerns about the state of the economy, and in the event of good CPI data for the US, an upward breakout of the formation is possible, which would be a signal of a potential disruption of the declines. Source: xStation
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