Torque News
Tesla has now over 650,000 reservations for the Cybertruck electric pickup, according to a new report from Wedbush.
At some point after the revealing of the Cybertruck Tesla stopped updating its reservation tally, but other crowdsourced estimated counts put the total between 450,000 and 500,000 Cybertruck reservations a few months after the unveiling.
Now Wedbush Securities analyst Dan Ives is out with a new note to clients today, and he says that the firm puts reservations at now over 650,000 Cybertrucks.
If things go like this I think Tesla Cybertruck can easily become the fourth (then quickly third) best-selling pickup truck in the USA.
Here are the 2019 numbers:
Ford F150: 896,526
Ram Pickup: 633,694
Chevrolet Silverado: 575,569
Toyota Tacoma: 248,801
GMC Sierra: 232,325
If Tesla has demand of around 600,000 or so every year, then that puts in pretty close to number two if it can produce that many trucks per year eventually. Right now, if they can pump out 250k (which isn’t out of the question) then they grab the number 4 slot easily.
Also, consider this. on the assumption that One Gigafactory can make 500,000 vehicles per year, the Cybertruck should occupy 2 Gigafactories. Selling 600K units per year is not a stretch in that market and exports could eat the rest.
Does Tesla have the battery capacity? That may be why we have to wait until late next year for the Cybertruck to make an appearance.
Battery supply is the #1 issue Tesla faces right now. Considering they are pushing Semi ahead, I believe they are getting better.
Also, this is now what you do in times of social media. The sentiment is above all. Nothing is real until people actually buy that pickup truck. Are people going to wait for another 3 years? This is a question that begs an answer.
On the other hand, Tesla has a long history of proving naysayers wrong. In fact, reservations have turn out to be a good indicator of long term demand. Since the Ford F-150 is selling a million a year, Tesla may well end up in that territory! Especially, after the recent Jay Leno’s Garage Cybertruck episode, which became very popular.
Regarding, waiting for the Cybertruck, some people will wait for some people won’t. This is the same thing that happened with the Model 3. With the 3 a lot of people bumped up to a more expensive car to capture the tax credit. That won’t be a factor this time around.
Speaking of reservation numbers, have you noticed that Model Y is the only Tesla vehicle where we have no idea about the reservation numbers? Tesla never said anything about it and even now there’s a lot of debate about whether Model Y demand has fallen off a cliff or it’s still going strong. Why is that? Was the first round of pre-orders for Model Y so disappointing that Tesla didn’t want to disclose the numbers or could there be some other reason?
Once you get past the unusual appearance of Cybertruck, there are few reasons not to buy it over a traditional truck. When you consider how popular pickups are in the U.S., it doesn’t surprise me a bit that the reservation tally is over 650,000.
#Cybertruck
#Tesla
This is Armen Hareyan from Torque News. Please, visit us at for daily car sector news and follow us on Twitter at https://twitter.com/torquenewsauto for daily automotive sector tweets. And if you would like to support our channel, I would really appreciate buying us animated applause once a month by clicking on the applaud button, which is next to the Like button, if you are watching this video on a desktop.
Reference
Electrek https://electrek.co/2020/06/22/tesla-cybertruck-pre-orders-rose-over-650000-report/ .