US investment bank Wedbush analyst Dan Ives said that Tesla’s unveiling of the Cybertruck on Thursday will remind investors of the electric car manufacturer’s dominant position and help drive its market value back to $1 trillion.
In a recent research report, Ives stated that the debut of this vehicle will be an “important moment” for Musk’s company, and he maintained his 12-month target stock price at $310.
According to calculations, if Tesla’s stock price reaches this level, its market value will rise to $996 billion.
Ives wrote: “The launch of the Cybertruck is very important for Tesla’s overall growth in the coming years and will prove to skeptics that Musk can successfully expand Tesla’s halo effect as more and more consumers choose electric vehicles.”
He added that although it is unlikely for this new product to “move the financial needle” for the electric car manufacturer by 2024, it can demonstrate Tesla’s leading advantage over traditional automakers in terms of innovation and brand awareness.
After two years of delays and production setbacks, Tesla finally delivered its first batch of Cybertrucks inspired by Blade Runner. The delivery event took place at their Gigafactory in Texas early morning on December 1st Beijing time.
It is reported that there are three versions available for this model: rear-wheel drive version, all-wheel drive version, and Cyberbeast edition with starting prices at $60,990, $79,990, and $99.990 respectively. The range for all three versions is between 400-547 kilometers. According to Tesla’s official website after federal tax credits and other incentives are applied; the starting price for rear-wheel drive version drops down to as low as $49.890.
It was introduced that the Beast mode truck can accelerate from zero to one hundred kilometers per hour in just 2.7 seconds; it has a maximum range of up to 547 kilometers on a single charge. The all-wheel drive version and the Beast mode (Cyberbeast) will be delivered in 2024, while the rear-wheel drive version will be delivered in 2025.
After a dismal year in 2022, the stock price of this electric car manufacturer has performed strongly this year, rising nearly 122%. This is mainly due to strong financial conditions, investors’ expectations of an imminent interest rate cut by the Federal Reserve, and investors’ pursuit of the so-called “Magnificent Seven” technology giants.