Morgan Stanley Says The Tesla Cybertruck Will Be A "Cult Car," Predicts Low Volume• https://insideevs.com, By: Iulian Dnistran
In a piece published on Investing.com, financial corporation Morgan Stanley reiterated its Overweight rating and $220 price tag on Tesla's stock, with an analyst giving his opinion on the company's all-electric pickup, saying that while many believe the American EV maker may sell hundreds of thousands of Cybertrucks every year, the pickup "will more likely be an enthusiast/cult car with far more limited volume," around 50,000 units per year.
The comments come despite over 1.6 million reported pre-orders for Tesla's Cybertruck since its reveal in 2019 and a lot of hype online, with numerous leaks and photos of the under-development prototypes posted regularly on social media, although Tesla itself is very tight-lipped about everything, except its expected production start this summer.
"One of the most interesting features of the truck is the lack of a Tesla emblem anywhere on its exterior. The truck itself is emblematic of the company and the risks it is willing to take to push the envelope and reinvent so many aspects of what it means to be an auto manufacturer. We feel the Cybertruck carries more value in a cultural/zeitgeist sense than in a direct economic sense. At the same time, we encourage our readers to ask themselves: how many Cybertrucks can roll up to a parent-teacher conference or youth soccer match at the same time before losing some of that indescribable… something?"
In other words, what Morgan Stanley is trying to say is that even though a lot of people seem to like the unconventional design of the electric pickup, it might lose a part of its appeal once it hits the streets and it's part of daily life.
"The truck is real and we had a great time with it last week behind the Austin plant. But financially it may be more of a 'side-show' to the Tesla story today," the story added.
The Tesla Cybertruck is slated to enter production in limited units this summer, with a ramp-up expected for next year. To make this happen, the American brand has increased its hiring efforts, posting several new Cybertruck-related openings on its official online careers page.