Photo: @DirtyTesla via Twitter | collage
After years of waiting, many have lost patience that the Tesla Cybertruck would prove such a disruptor to the auto market as initially believed. Still, ARK Invest analyst Sam Korus thinks people's interest in the electric pickup is stronger than ever.
When Elon Musk introduced the Tesla Cybertruck in 2019, everyone considered it a breakthrough. No other car company targeted the lucrative pickup truck segment with an electric vehicle, and the startups that announced electric pickup plans were not taken seriously at the time. If anyone could pull it off, it was Tesla, or so most people thought. On the contrary, Tesla will be among the last ones to start production of an electric pickup, with its track record of over-promise and under-deliver.
Surprisingly, Rivian was the first to market with the R1T, and it proved such a successful product. It even beat GM to the punch. The GMC Hummer EV launched a few months later but was more like a PR stunt, considering the limited production run. On the other hand, Ford pressed firmly with the F-150 Lightning, which is now one of the most popular electric pickups. More are planned to launch this year from GM (Chevy Silverado EV and its sibling GMC Sierra EV) and next year from Stellantis (Ram 1500 REV).
The Cybertruck appears to be late to the party, with a key handover ceremony scheduled for late 2023. This made many people doubt its ability to disrupt the market. For the first time, Tesla will not launch a new product in an empty market segment but will have to compete with established players. Will it be able to do so successfully? While many analysts believe it will remain a niche product, others think Cybertruck's demand is underrated. ARK Invest's Sam Korus is among the latter, although it's understandable, considering that his employer is a long-time Tesla bull.
In a recent blog post, Korus thinks the 1.5 million reservations for the Cybertruck and the Google Trends data suggest that the interest in the Cybertruck could be much higher than people think. The Cybertruck could be "as mainstream as the Tesla Model Y," says Korus. Considering that the electric crossover was the best-selling vehicle in the world in the first quarter, this is no small feat. The analyst pointed out that the number of searches for the Cybertruck is higher in the truck-loving regions of the US, suggesting that people are genuinely interested in buying the electric pickup.
Korus is not the only one believing that the Cybertruck will be a hit with consumers. During the 2023 Shareholder Meeting, Elon Musk estimated that Tesla could sell between 250,000 and 500,000 units annually. That or "as many as people want and can afford," as Elon Musk declared. A survey conducted by Recurrent shows that most Cybertruck reservation holders (more than 75%) are dead-serious about buying the truck they reserved.
Surprisingly, Rivian was the first to market with the R1T, and it proved such a successful product. It even beat GM to the punch. The GMC Hummer EV launched a few months later but was more like a PR stunt, considering the limited production run. On the other hand, Ford pressed firmly with the F-150 Lightning, which is now one of the most popular electric pickups. More are planned to launch this year from GM (Chevy Silverado EV and its sibling GMC Sierra EV) and next year from Stellantis (Ram 1500 REV).
The Cybertruck appears to be late to the party, with a key handover ceremony scheduled for late 2023. This made many people doubt its ability to disrupt the market. For the first time, Tesla will not launch a new product in an empty market segment but will have to compete with established players. Will it be able to do so successfully? While many analysts believe it will remain a niche product, others think Cybertruck's demand is underrated. ARK Invest's Sam Korus is among the latter, although it's understandable, considering that his employer is a long-time Tesla bull.
In a recent blog post, Korus thinks the 1.5 million reservations for the Cybertruck and the Google Trends data suggest that the interest in the Cybertruck could be much higher than people think. The Cybertruck could be "as mainstream as the Tesla Model Y," says Korus. Considering that the electric crossover was the best-selling vehicle in the world in the first quarter, this is no small feat. The analyst pointed out that the number of searches for the Cybertruck is higher in the truck-loving regions of the US, suggesting that people are genuinely interested in buying the electric pickup.
Korus is not the only one believing that the Cybertruck will be a hit with consumers. During the 2023 Shareholder Meeting, Elon Musk estimated that Tesla could sell between 250,000 and 500,000 units annually. That or "as many as people want and can afford," as Elon Musk declared. A survey conducted by Recurrent shows that most Cybertruck reservation holders (more than 75%) are dead-serious about buying the truck they reserved.
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