Tesla

Tesla Still Reeling from the Impact of Cybertruck Event

On Friday, Tesla shares retreated, extending the losing streak to three days following a disappointing Cybertruck delivery celebration.

Tesla’s (TSLA) stock shed -0.52% to $238.83 per share on December 01 as investors remained unimpressed by the Cybertruck. Moreover, analysts anticipate an additional decline of -2.90% to $231.90 apiece in the coming market session.

The much-anticipated electric vehicle (EV) pickup truck costs $60,990.00 for the basic model, significantly higher than market estimates. Neither investors nor consumers expected the flagship product to sell 52.86% above the touted price of $39,900.00 in 2019.

CEO Elon Musk started the Tesla presentation explosively, showing a Cybertruck outracing a Porsche 911 while towing a Porsche 911. Nevertheless, the audience’s enthusiasm petered out as the event went on, especially after the price announcement.

Dissatisfaction was also building up beforehand as the event started almost 30 minutes behind schedule and came with poor lighting. In addition, Musk’s hosting skills appeared weaker than before, seemingly lacking focus.

Older holders were also disappointed that some features that caught their attention were not mentioned. Interested buyers were looking forward to a demonstration of Powershare, a new Tesla technology that allows bidirectional charging.

With the Cybertruck’s specs out in the open, the EV truck has drawn unfavorable comparisons with competitors. Industry watchers consider Ford’s $40,000.00 F-150 Lightning and Rivian’s $73,000.00 R1T superior to the Cybertruck in price and performance, respectively.

Cybertruck System Signals Legal Trouble for Tesla

Musk revealed that the Cybertruck uses a separate battery pack feature to reach its promised capacity of 470.00 miles. However, analysts noted the setup’s similarities with the removable auxiliary battery that Tesla competitor Rivian had patented in 2020.

Cybertruck’s detachable range extender takes up a third of the automobile’s six-foot bed space. Musk described it as an augmentation for extended trips or a power boost for towing heavy things up slopes.

In 2014, Tesla vowed not to initiate patent lawsuits against those using its technology in good faith. The EV manufacturer owns numerous patents and has dozens more pending approval.

Stakeholders anxiously await whether Rivian extends the same courtesy or sues Tesla for violating patent protection laws.

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