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Tesla, Inc.’s (NASDAQ:TSLA) next biggest product would unquestionably be the Cybertruck, which is set to be launched later this year.
What Happened: After showing off a pre-production model of the Cybertruck at an event held this week to announce Tesla’s global engineering headquarters in Palo Alto, California, CEO Elon Musk had more news on the vehicle.
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“Ramping production” will likely be the challenge, as always is the case with respect to a new vehicle, Musk tweeted on Friday. He, however, suggested that demand is unlikely to be an issue.
Musk was responding to a tweet by a Tesla influencer, who said, “I can’t wait to see people’s stunned reactions as Cybertruck climbs the sales charts.”
Tesla fans hail the launch of the electrified pickup truck as the “iPhone moment” for the company. The iPhone, which launched in 2007, continues to be Apple, Inc.’s (NASDAQ:AAPL) cash cow product, fetching about half of the company’s revenue. Additionally, the iPhone has spawned a sticky ecosystem.
At the California event, Musk repeated his comments that Cybertruck is an epic product and that it would "change the look of the roads."
See also: Everything You Need To Know About Tesla Stock
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Tesla Patents Cybertruck Steel: In separate news, Electrek reported that Tesla has applied for a patent on the “ultra-hard” steel alloy it plans to use for the body of its Cybertruck. Tesla said in its patent application titled “Ultra-Hard Cold-Worked Steel Alloy” that the steel could be used in vehicles with an exoskeleton.
Commenting on a Tesmanian story on the topic, Musk said, it is a "new metal."
New metal
— Elon Musk (@elonmusk) February 25, 2023
Why It’s Important: For Tesla, which suffered a modest setback in volume in 2022 amid production and demand woes, Cybertruck could prove a boon. Future Fund’s Gary Black expects deliveries of this EV pickup truck to be in the range of 200,000 units in 2024, adding $0.40 per share in earnings.
Tesla closed Friday's session down 2.57% at $196.88, according to Benzinga Pro data.
Read next: Tesla Is Still The Leader 'Benchmark' For Every Automaker: Former Ford CEO Showers Surprise Praise
Photo: Shutterstock and Tesla
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.