Tesla’s Cybertruck has officially begun its first batch of deliveries, marking a significant milestone for the electric carmaker. While the Cybertruck is expected to attract a niche market of wealthy truck buyers, Wall Street analysts believe it could have a significant impact on Tesla’s brand appeal and overall growth.
Analysts from Morgan Stanley, HSBC, and Wedbush Securities have weighed in on the potential impact of the Cybertruck on Tesla’s future. Morgan Stanley’s Adam Jonas sees the Cybertruck as the start of a new phase of vehicle launches for Tesla, with a series of pickup trucks and SUVs expected to follow in the second half of the decade. He believes that Tesla could intentionally limit series production to preserve scarcity and focus on more profitable products, similar to the strategy employed by Ferrari.
HSBC analyst Michael Tyndall also emphasized the brand appeal of winning the pickup truck market, stating that it could significantly improve Tesla’s brand appeal. However, he also noted that the field has long been dominated by traditional automakers and may not initially seem like a good fit for pure electric vehicles.
Wedbush Securities’ Dan Ives sees the launch of the Cybertruck as crucial to Tesla’s overall growth in the next few years, citing the potential for electric trucks to enhance Tesla’s halo effect as more consumers opt for electric vehicles in the coming years.
Not all analysts are as optimistic, however. Gene Munster, co-founder of Deepwater Asset Management, expressed disappointment with the Cybertruck’s pricing, which he believes is higher than expected. He believes that this could make Ford’s F-150 Lightning more attractive to some buyers, despite the Cybertruck’s superior performance.
Overall, while the financial community sees the potential for the Cybertruck to enhance Tesla’s brand appeal and overall growth, there are concerns about its pricing and potential competition in the electric truck market. As Tesla continues to expand its product lineup, it will be interesting to see how the Cybertruck and future vehicle launches shape the company’s performance in the coming years.