(CTN News) – The Cybertruck, despite falling short of CEO Elon Musk’s promised driving ranges, has captivated some and disappointed others with its futuristic, SUV-like design.
It enters a competitive pickup truck market, two years after its scheduled release, where it will face off against rivals such as Ford’s F150 Lightning, Rivian Automotive’s R1T, and General Motors’ Hummer EV.
Reddit co-founder Alexis Ohanian, who was one of the first customers to receive the vehicle, noted that the Cybertruck’s driving experience and feel is similar to Tesla’s Model X SUV.
During his live-streamed first drive of the Cybertruck on social media platform X, Ohanian expressed his initial impression of the vehicle. He described it as smooth and comparable to his Model X in terms of driving experience. Despite its size, he found it to be manageable and not unwieldy.
Ohanian also mentioned that he would feel like the “coolest dad” when picking up his child from school in the Cybertruck.
However, the initial excitement surrounding the has been dampened by its higher price tag. Starting at $60,990, it is over 50% more expensive than what CEO Elon Musk had previously announced in 2019. This price increase may limit the vehicle’s appeal to potential buyers.
As a result, Tesla’s stock has seen a decline of over 2% since before the Cybertruck’s launch.
One of the disappointed individuals is Christian Cook, a financial services executive based in Texas. Cook had reserved a Cybertruck in 2019, enticed by Musk’s promise of a more affordable pickup truck with an extended range on a single charge.
According to Cook, a Model 3 driver who planned to buy a Cybertruck, the truck’s pricing and range are a big letdown. He’s disappointed in Elon Musk and his loyalty to Tesla is shaken.
However, CFRA analyst Garrett Nelson thinks the high price will lead to reservation cancellations and expects Tesla to adjust pricing based on demand.
Despite this setback, branding experts and analysts predict that the Cybertruck’s unique design, inspired by a James Bond car-turned-submarine, will improve Tesla’s brand image, which has been hurt by past price cuts.
Spencer Imel from Langston said the Cybertruck has gained attention but may not help Tesla compete with established brands like Ford.
Analysts are concerned about the Cybertruck’s price and longer wait time for a return on investment, raising doubts about Tesla’s appeal. Elon Musk’s recent interview using profanity and concerns over antisemitic material on his platform has created nervousness among investors and consumers, potentially impacting Tesla’s appeal.
Allen Adamson from Metaforce believes these factors could drag down Tesla’s appeal and contribute to uncertainty.