Shares of Tesla, Inc. TSLA fell sharply in premarket trading on Friday, a day after the electric vehicle maker held a delivery event for its much-awaited Cybertruck.
Early reactions from analysts suggest the electric pickup truck from Tesla’s stable could be pricier. Deepwater Asset Management’s Gene Munster said pricing across the trim levels was 20-25% higher than what he expected.
The top trim, which the company calls as Cyberbeast, is priced at $99,990, the tri-motor all-wheel drive at $79,990, and the rear-wheel drive version at $60,990. The latter two variants are eligible for the $7.500 EV credit that takes effect from Jan. 1, 2024.
Analysts are unanimous about Cybertruck not moving the financial needle for Tesla in 2024, with some even seeing very minimal contribution in 2025 as well.
Following their recent gains, the stock could also take a hit from the selling in mega-cap stocks.
Tesla settled Thursday’s session down 1.66% at $240.08 and fell an incremental 1.99% to $235.31 in premarket trading on Friday, according to Benzinga Pro data.
The next downside support could be around just under $235. Violating the level to the downside could result in a pullback toward the next support, around $215.
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See Also: Best Electric Vehicle Stocks
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