One of the most highly anticipated vehicle launches, the first Tesla Inc (NASDAQ: TSLA) Cybertruck, has taken a step closer to reality as it rolled off the production line. Now, attention turns to the pricing of this groundbreaking electric pickup truck.
Ford Motor Company (NYSE: F), a legacy automaker making strides in the EV market with its F-150 Lightning electric pickup, recently announced a price reduction ahead of Tesla’s launch. The move is seen as an effort to stay ahead of the imminent pricing announcement for the Cybertruck.
Experts believe that pricing will play a crucial role in the competition between Ford, Rivian Automotive (NASDAQ: RIVN), and Tesla in the electric pickup truck segment.
“While Ford said the cuts reflect improvements in scale and battery raw materials costs, we believe Ford wanted to get in front of imminent Tesla Cybertruck pricing for the September delivery event,” Future Fund Managing Partner Gary Black said.
Wedbush analyst Dan Ives sees the pricing updates for Ford related to Tesla’s upcoming vehicle launch.
“Ford hears footsteps of Cybertruck and Rivian,” Ives recently tweeted.
With analysts and experts looking to predict the price of the Cybertruck, a writer on Teslarati makes the case that Tesla CEO Elon Musk may have hinted at the price already.
Notably, Musk’s comments on Twitter about the Ford Lightning being “somewhat expensive” have sparked speculation about the potential pricing of the Cybertruck.
The latest pricing cut takes the F-150 Lightning starting price closer to $50,000. Some believe that the basic model of the Cybertruck could start under $50,000, given Musk’s remarks. However, considering the pricing announced in 2019 and the subsequent updates, there is uncertainty about the final pricing of the Cybertruck. When Tesla first unveiled the Cybertruck, three different configurations (single, dual, and tri-motor), came with respective starting prices of $39,990, $49,990 and $69,990.
Analysts offer varying predictions on the starting prices for electric pickup trucks. Gene Munster of Deepwater Asset Management estimates that both Ford and Tesla will have models starting at around $50,000. On the other hand, Black suggests starting prices of $49,900, $59,900, and $79,900 for the single-motor, dual-motor, and tri-motor Cybertruck models, respectively.
As Tesla prepares to report its second-quarter financial results after the closing bell on Wednesday, all eyes are on Cybertruck’s progress. With over 1.5 million reservations, according to third-party data, the vehicle is expected to begin deliveries later this year, although Musk downplayed its impact on Tesla’s 2023 performance.
Investors and analysts eagerly await updates on Cybertruck production, pricing, and deliveries during Tesla’s upcoming earnings call.
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
