Tesla stock is on a tear and there is another big event that might move it more this week: Tesla’s pickup truck reveal. The unveiling of the company's so-called “cybertruck” is scheduled for Thursday in Los Angeles near CEO Elon Musk’s SpaceX factory.
The launch is still a few days off, giving Wall Street some time to weigh in on the event. Musk has promised a futuristic design for the pickup truck, calling it a “cyberpunk truck” in a past tweet, but there isn’t a lot of information about the vehicle publicly available otherwise. That means research notes probably won’t contain much detail.
All investors know so far is that Musk and other attendees could show up wearing a “cyberpunk” costume to the launch party.
For what it's worth, cyberpunk actually has a dictionary definition. Merriam-Webster says its “science fiction dealing with future urban societies dominated by computer technology.” (Think science-fiction film Blade Runner.)
Brokerage firm Deutsche Bank offered some early thoughts on the “cybertruck” and its design Monday. “We expect focus to be on how well the actual design resonates with pickup buyers,” wrote analyst Emmanuel Rosner in a research report.
He sounds skeptical that truck buyers will like a futuristic truck, but Tesla doesn’t need to dominate pickup truck sales to make the model work. More pickup trucks are sold in the U.S. than luxury cars—Tesla’s traditional market. Of course, trucks, on average, cost less than a Model S or X.
Rosner is a car analyst and rates Tesla shares the equivalent of Hold. (Traditional car analysts tend to struggle to recommend shares.) Technology analysts who cover Tesla along with other renewable energy or tech companies, for the most part, like Tesla stock.
“Starting price could be less than $50,000, high-end versions could feature 400 to 500 miles of range and 0 to 60 miles per hour acceleration less than 3.4 seconds,” adds Rosner.
His price and specification details are only speculation at this point. Musk has hinted that the truck can tow 300,000 pounds. That’s about 10 times what a high-end full-size pickup can tow today. Electric motors have more torque than internal combustion engines. Still, that’s a lot, and adds to the truck’s mystery.
Telsa stock is up about 63% over the past three months, far better than the 8.3% gain of the S&P 500 over the same span. Shares had been down most of the year as investors worried about cash flow and margins on the company’s new Model 3 sedans. But they jumped after the company reported better-than-expected third-quarter earnings, and are now up about 5% year to date. It is an amazing rebound.
Write to Al Root at allen.root@dowjones.com
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November 18, 2019 at 11:17PM
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Tesla Is Gearing Up to Reveal Its New Pickup Truck on Thursday - Barron's
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