A brand new survey finds most wouldn’t purchase Tesla’s (TSLA) Cybertruck following its first supply occasion the place the electrical truck’s particulars have been introduced, however the outcomes could be higher than thought.
In response to the Canaccord Genuity group that performed the survey, 67% of respondents answered “no” as to whether or not they would purchase the Cybertruck after pricing and truck specs have been revealed, whereas 33% answered “yes.” Canaccord wouldn’t disclose the full variety of folks surveyed, however did be aware that it included a broad group of respondents who weren’t among the many 2 million Cybertruck reservation holders. Presently reservation holders should put down a deposit of $250 for the EV pickup.
“We had an incredibly robust response to our survey. It was interesting to hear that two-thirds didn’t want it and, frankly, that was a lot better than we expected,” Canaccord analyst George Gianarikas mentioned in an interview with Yahoo Finance. “Based on the discussions I’ve had individually, which have been in the hundreds, it’s the look of the vehicle that gets people excited or revolts people.”
The survey was performed just lately after Tesla revealed pricing particulars for the truck, with the all-wheel drive model beginning at $79,990 with 340 mile vary and 600 hp, amongst different specs. The highest-of-the-line Cyberbeast model begins at $99,990 and features a tri-motor setup able to 845 hp and 320 miles of vary. Tesla claims each of those variations will ship beginning in 2024.
Curiously, the most cost effective or entry-level model of the Cybertruck is the rear-wheel drive model with a 250 mile vary that can begin at $60,990. Tesla didn’t give a horsepower or torque determine, nonetheless this model will probably be “available in 2025.”
It appears pricing of the entry-level model could possibly be one of many elements most disappointing to consumers, contemplating when the Cybertruck was revealed in 2019 CEO Elon Musk mentioned costs would begin at $39,000. Whereas Ford’s F-150 Lightning EV was unveiled with the same beginning worth, it will possibly nonetheless be had now for $49,995 in entry-level Professional trim, earlier than any tax credit.
“[The Cybertruck’s] not that cheap, right? The version that’s currently available is $100,000,” Gianarikas mentioned, however added that the “technology is going to get people excited; it’s different. The same way the iPhone was different when it first came out, it’s got incredible stuff underneath the hood so to speak.”
Gianarikas famous that the Cybertruck would be the first car to maneuver away from the auto business’s typical 12-volt structure, which all vehicles have used since 1955. The normal 12V system powers all onboard electrical units like headlights, HVAC system, and windshield wipers, as an illustration.
Changing to a 48-volt system will increase effectivity and permits electrical methods to make use of extra energy when wanted. Most significantly, the wiring for a 48V system is less expensive than 12V setup, because the cables utilized in a 48V system comprise 85% much less materials than earlier than.
As well as, the brand new 48V structure permits for Tesla to make use of steer-by-wire know-how within the Cybertruck, the primary manufacturing automotive to ever achieve this. Steer-by-wire makes use of motors to manage the entrance and rear wheels for steering, with out using steering column or bodily connection to the axle. The system additionally gives suggestions to the driving force via using the motors and permits for considerably better ease-of-use and simpler turning. The rear-wheel steering additionally makes the truck extra nimble.
Whereas preliminary higher-priced Cybertrucks could be a turn-off to value-conscious consumers, the progressive tech and crowd pleasing (or polarizing) design might increase Tesla’s total model positioning out there, Gianarikas mentioned.
“You’re not going to get significant volume like the Model 3 or the Model Y, but there’s so much interesting technology there that number one, it creates a ‘halo effect,’” he mentioned. “Over time, as the $60,000 version comes up, we think it actually will drive volume and as you can sell it globally.”
Correction: an earlier model of this story listed the all-wheel drive Cybertruck’s vary at 250 miles, this has been corrected to 340.
Pras Subramanian is a reporter for Yahoo Finance. You’ll be able to comply with him on Twitter and on Instagram.
Click on right here for the most recent inventory market information and in-depth evaluation, together with occasions that transfer shares
Learn the most recent monetary and enterprise information from Yahoo Finance