After Tesla held a Cybertruck delivery event and announced pricing last week, many analysts believed that although this highly anticipated product was ahead of other electric pickups on the market in terms of technology and features, the price was too high.
Well-known tech analyst Gene Munster said that the price of Cybertruck is 25% higher than what many people expected. “This means that demand will be limited in the next few years until prices drop.”
Munster pointed out that the Cybertruck is about 10,000 US dollars more expensive than Ford's F-150 Lightning pickup.
He also analyzed why this might be the case: “Given its undeniably amazing elements, the company made the right decision to price it above the market, while early users were willing to pay a premium to get the delivery of the first 50,000 vehicles.”
The tech analyst emphasized that it is important to pay attention to Cybertruck's progress.
“Importantly, Cybertruck is the latest evidence that Tesla is making the best electric cars in the world, and Tesla is leading the way at a time when traditional cars have mistakenly slowed the pursuit of electric vehicles.”
Munster said Cybertruck's stainless steel construction could become “the new gold standard for durability and robustness.”
Cybertruck “is currently a niche product,” he said, but added that it could solidify Tesla's leading position in electric vehicles.
According to third party estimates, the pre-order amount for Tesla's Cybertruck may exceed 2 million vehicles. In a recent third-quarter earnings call, Tesla confirmed that more than 1 million people are on the waiting list.
Munster suspected that people who previously booked Cybertruck with a deposit of $100 might cancel their reservation because it was too expensive.
“Considering this is an expensive car, I believe the waiting list will drop below 500,000 within the next six months,” he said.
Munster expects Tesla to deliver 35,000 Cybertrucks in 2024, 125,000 in 2025, and 250,000 in 2026.
“Tesla believes there will be an inflection point curve in the next five years, and they can use their willpower to make this a reality,” he said.