The commercial launch of Tesla, Inc.‘s TSLA Cybertruck could begin any time in the near term and the frenzy over the electric pick-up truck from the company's stable keeps growing.
What Happened: Net reservations for Cybertruck have now crossed the two million-threshold, showed data from crowd-sourced online reservation tracker.
The Cybertruck was first announced by Tesla CEO Elon Musk in late 2019. The company missed the initially-communicated launch deadline amid the COVID-19 pandemic and other geopolitical tensions and economic uncertainties.
Reservations hit the one million-mark in May 2021 and have doubled from the level in a little over a year. In late July, Benzinga reported that reservations increased to 1,943,876 units.
See Also: Everything You Need To Know About Tesla Stock
Why It's Important: Tesla fans and Musk himself have drummed up expectations concerning the Cybertruck. Several frenzied fans have been posting videos of Cybertruck spotting in several locations.
Future Fund's Gary Black expects the launch of the Cybertruck to have a halo effect on the sales of Tesla's other vehicles and push up volume significantly. He predicts a scenario similar to the launch of the Model Y EV, which pushed up volume growth from 36% in 2020 to 86% in 2021.
Price Action: Tesla ended Friday's session down 0.60%, at $274.39, according to Benzinga Pro data.
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