- Elon Musk announced Tesla's Cyberpunk electric truck to be launched in 2021 or early 2022.
- Tesla Inc. will be competing against the Big Three with its newest offering.
- Ford Mustang Mach E is likely to give a strong competition to Tesla.
- Tesla stock has recovered from June's low of around $180 and is currently trading at around $360.
The Chief Executive of Tesla Inc., Elon Musk, has reiterated on multiple occasions that the American automotive and energy company intends to enter the pickup market by introducing an electric pickup truck. As of Thursday, the vehicle has been officially announced as “Cyberpunk Truck” that is expected to hit the market by late 2021 or early 2022.
Tesla Will Be In Direct Competition With The “Big Three”
According to the experts, Tesla’s plan of an all-new electric pickup truck is likely to threaten the Big Three (General Motors, Ford Motor Company, Fiat Chrysler) which currently relish a monopoly in the pickup market.
The CEO has further added that Tesla is aiming at combining Porsche 911’s performance with Ford Motor’s full-size F-150 truck to design a vehicle that is unparalleled in the league of performance and functionality. Tesla’s electric pickup truck is expected to cost under $50,000 as it debuts in the upcoming years.
The vice president of global vehicle forecasting, Sam Fiorani of Auto Forecast Solutions, commented on Musk’s announcement and stated:
“Making an electric pickup truck that sells in the same price range as an F-150 and making it profitable will be tough”.
Officials from General Motors and Ford Company have also highlighted that the competitors are confident in challenging Tesla head-on with their newest vehicles like Ford Mustang Mach E (fully electric SUV) and a range of electric pickups that are currently being designed.
Pickup trucks and SUVs make up a remarkable segment of the U.S market. With the world moving gradually to the electric vehicles, combining such technology with the SUVs and Pickup trucks is likely to be a commendable move for the Big Three to maintain their dominance in the American automobile market, since with the prospect of higher sales, comes greater profits for the companies.
Model X Is Tesla’s Only Electric SUV So Far
Tesla has confined its offerings to the Model 3 and Model S sedans so far. Model X is the only SUV that the American automotive and energy company has introduced in the market to date. With Model Y compact SUV launching next year and Tesla planning on designing more of electric pickup trucks and SUVs, the company seems determined to enter the new market that has been the heart of profits for Detroit’s automakers.
Musk has chosen not to reveal any further information about Cyberpunk Truck at this stage.
The first half of 2019 was a tough one for Tesla Inc. in the stock market. Opening at around $310 at the start of the year, the stock dropped to as low as around $180 level in June. With the start of July, however, the pattern has mostly been upbeat and the share prices have recovered to around $360.