Tesla’s (TSLA.O) long-awaited Cyber truck will cost at least $60,990, which is more than 50% more than what CEO Elon Musk had said in 2019 and a price that experts say will only appeal to wealthy buyers.
Musk said that the shiny stainless steel truck is partly based on a car that was turned into a submarine in the 1977 James Bond movie “The Spy Who Loved Me.”
Experts say that the new body material and strange, futuristic styling have made production more difficult and expensive, and they fear that traditional pickup truck buyers who value usefulness will not buy it.
Musk, on the other hand, said Thursday that the Cybertruck is “faster than a sports car” and has “more utility than a truck.” These prices range from $60,990 to $99,990.
The crowd cheered as he drove a Cybertruck onto a stage. Later, at an event in Austin, Texas, he gave cars to about a dozen customers.
“Finally, the future will look like the future,” he said about the truck’s design as he showed a video of the Cybertruck pulling a Porsche 911 and winning a short race against another 911 driven by gasoline.
After falling 1.6% at the end of the day, Tesla shares fell another 2% in after-hours trade.
Musk didn’t say how much the cars cost at the event, but Tesla’s website had the prices posted. The “Cyberbeast,” which is the most powerful version, and the all-wheel drive trim that starts at about $80,000 will both be available next year.
The base price for the base rear-wheel drive model is expected to be about $61,000. It will be ready in 2025.
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Jessica Caldwell, head of insights at auto research company Edmunds, said, “This is going to appeal to someone with more money who can afford the price and wants something unique and different.”
“There aren’t many people who can afford that, especially with interest rates the way they are.”
Musk said in 2019 that the Cybertruck would sell for $40,000. More than a million people put down $100 deposits to reserve the car. Even though the cost of raw materials for EVs has been going up, he hadn’t given a new price before Monday.
Musk said on Thursday that new payments are $250.
A consultant at Auto Pacific called Paul Waatti said that the price doesn’t come as a surprise to many people. Waatti told Reuters before the event that fewer people would be a good size for the Cyber truck.
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