Tesla (TSLA) brand is known not just for its futuristic looks and finishing, but also for its very daring and outspoken CEO, Elon Musk. Musk had previously teased about the company’s first-ever pickup truck in and now, according to a recent tweet, Tesla should unveil the truck by November.
Musk responded with “November most likely” to a tweet where he was asked about the truck’s release date.
November most likely
— Elon Musk (@elonmusk) September 7, 2019
The pickup truck, which Musk has previously described as easily the coolest car he has ever seen, has a very peculiar design and outlook, reminiscent of any fan-favorite sci-fi movie. The new truck was expected sometime this summer, a speculation based on several statements Musk has made. However, his recent tweet has shifted expectations a bit.
Musk has been quoted speaking quite fondly about the truck and apart from calling it the coolest car he has ever seen, he also described it as “awesome” and “futuristic”:
“It’s gonna be like a really futuristic-like cyberpunk, ‘Blade Runner’ pickup truck. It’s gonna be awesome, it’s gonna be amazing. This will be heart-stopping. It stops my heart. It’s like, oh, it’s great.”
As great and efficient as Tesla products are known to be, they are also quite expensive and very difficult for the average person to afford. However, Musk has suggested that the company is hoping the new truck wouldn’t be as pricy as can be expected. This is so it can compete favorably with other non-electric pickup trucks. According to him:
“We don’t want it to be really expensive. I think it’s got to start at less than $50,000 – it’s got to be like $49,000 starting price max. Ideally less. It just can’t be unaffordable.”
Musk has also said in the past, that he’s not very certain that many people will be interested in the truck. Regardless, that might not matter much since he isn’t really hoping to be blown away by sales and is not looking at the release of the truck, as a profit-making avenue for the company.
Musk has even suggested he’d be willing to produce something a bit more conventional if the electric pickup doesn’t really move in the market. He then suggested that the aim would be to shift public focus to electric vehicles, as opposed to fuels.
“I actually don’t know if a lot of people will buy this pickup truck or not, but I don’t care. I mean I do care, eventually, you know…We wanna get gasoline, diesel pickup trucks off the road.”
Stiff Competition in Electric Pickup Truck Market
Tesla is definitely not the only company with plans for an electric truck. Back in 2017, Ford announced its plan to sell an electric version of its F-150 pickup, largely considered the best selling vehicle in the United States.
However, this release could take some time as release dates are put at 2021, much later than the Tesla. Ford also plans to release smaller an electric pickup truck in collaboration with Volkswagen. Finally, there’s the R1T from Rivian, which is expected to sell at 69,000 sometime next year.
Tesla Inc. (TSLA) closed at $231.79, a 1.91% increase from its previous close of $227.45. Over the past month, however, TSLA has lost almost 4% and as the company’s next financial report inches closer, earnings are projected to sit at -$0.14 per share, solidifying a year on year loss of more than 100%.