Market Overview

Tesla VP Says Electric Pickup Truck Is Coming

Tesla VP Says Electric Pickup Truck Is Coming

Tesla Motors Inc (NASDAQ: TSLA) could surprise the world by making one of its next major vehicle models a truck. In a presentation at the AEC 2016 Advanced Energy Conference, Tesla VP Diarmuid O’Connell said that at some point, the company must deliver a pickup truck to the American market.

“We’re Americans, for better or for worse, and a lot of Americans drove pickup trucks. And I think to be long-term successful in the U.S., we’re going to have to have a pickup truck offering,” O’Connell said. “I think that would be a logical use of the technology because it’s got extraordinary torque.”

Related Link: Market Transaction Costs Have Spiked Recently, Indicating Larger Price Swings Could Be In Store

Global Equities Research analyst Trip Chowdry zeroed in on the pickup truck discussion and O’Connell’s disclosure that there are now roughly 400,000 Model 3 reservations as the two key takeaways from the speech.

“This equates to $400 million in deposits… and $16.8 Billion in pre-orders,” Chowdry says of the 400,000 reservations.

O’Connell also said that Model X shipments are expected to start in Europe this summer.

Tesla continues to focus its efforts on efficiency and range. In terms of performance, the company is targeting acceleration, handling and safety. And of course, Tesla is always trying to build sexy looking vehicles as well.

General Motors Company (NYSE: GM)'s answer to the Model 3, the Bolt EV, is expected to begin shipping later this year.

Disclosure: The author holds no position in the stocks mentioned.

Latest Ratings for TSLA

Sep 2020BairdMaintainsNeutral
Sep 2020Canaccord GenuityMaintainsHold
Sep 2020Deutsche BankUpgradesHoldBuy

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