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Tesla, Inc.'s (NASDAQ:TSLA) next big product, the Cybertruck, has kindled so much interest among analysts, customers as well as investors. This is despite the inordinate delay since the vehicle's 2019 unveiling.
“Shark Tank” investor Kevin O'Leary offered his take on Cybertruck in a recent interview.
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What Happened: Cybertruck is going to be a boom for Tesla because "that crazy-looking vehicle" has already shown its popularity from the preorders two years ago, said O'Leary in an interview with Yahoo Finance on Thursday,
"I want one. I think they're nuts," he said, adding that it's an EV and it has got a lot of room and it's a "very interesting" vehicle.
"It’s got a really ugly look, ugly is interesting you know," he added.
O'Leary noted that he has investments in suppliers that are providing technology for that truck. "We know that the demand is huge," he said.
He also noted that he is on the list to get one.
See Also: Everything You Need To Know About Tesla Stock
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When it is a toss-up between Ford Motor Co.'s (NYSE:F) F-150 pick-up truck, O'Leary said he wasn't sure.
"I used the 150 all the time. It’s like driving your living room around…so spacious and quiet everything else," O'Leary said. It's the most advanced pickup truck in most demand, he added.
However, the Shark Tank investor said he hasn't been enticed yet to switch over to the electric version of the F-150 due to battery concerns and concerns about it ability to navigate through cold weather.
1 Thing To Like: O'Leary highlighted the margin benefit of the Cybertruck. The one thing I really like about the story that I learned yesterday
Touting the one thing he really like about the story that he learned from Tesla’s shareholder meeting, the Canadian businessman said, "The margins on this truck would be really high…..because they’ve they’ve had so much efficiency in manufacturing costs.”
Why It's Important: Analysts have been sounding out the potential volume lift Cybertruck can give to Tesla. Future Fund's Gary Black sees the launch of Cybertruck later this year as a big catalyst for Tesla. The fund manager 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 fans have been touting the Cybertruck launch as the "iPhone moment" for Tesla.
Price Action: Tesla closed Thursday's session 1.74% higher at $176.89, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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.