Tesla’s stock plummets amidst Cybertruck pricing concerns

Tesla has recently introduced its latest innovation, the 'Cybertruck'—an electric pickup truck with a striking resemblance to a prop from a science fiction blockbuster. This revelation follows four years after the initial prototype made its debut. Despite the eager anticipation surrounding Tesla's inaugural electric pickup truck, criticism surfaced as the starting price soared to nearly 80 million won, triggering a notable dip in the company's stock prices.

On Thursday, Tesla's CEO Elon Musk officially announced the release of three Cybertruck models and organized a special delivery event for pre-order customers at the Tesla headquarters in Austin, Texas. Musk went live on his social media platform X (formerly Twitter) to broadcast the event.

Sporting a black ensemble topped with a leather jacket, Musk made a grand entrance at the event by driving the Cybertruck through the audience, accompanied by the backdrop of rock music. Stepping out of the truck, he presented it with the words, "It's a better truck than a truck while also being a better sports car than a sports car” and “Finally, the future will look like the future.”

The rear-wheel-drive model is approximately 1.5 times pricier than the projected $40,000 estimate Musk disclosed during the prototype unveiling in November 2019. On that day, Tesla's stock concluded trading at $240.08, experiencing a 1.66% decline on the New York Stock Exchange. Bloomberg highlighted, "It's pricier than anticipated, and the delivery is later than expected. Tesla could encounter resistance due to the Cybertruck."


asap@donga.com