And Detroit and has little to worry about. Or does it?
In the wake of the Tesla Cybertruck's reveal, Wall Street analysts are having their say on Elon Musk's wild pickup truck and the bottom line message is this: it's weird. In fact, the Cybertruck is simply too weird and the Detroit automakers can now breathe a collective sigh of relief. CNBC has an interesting report on the Cybertruck reveal aftermath from several Wall Street analysts who were all critical of its strange design.
"Tesla's Cybertruck looks weird… like, really weird. Musk had warned investors that Tesla's pickup would be 'really futuristic, like cyberpunk Blade Runner,' and he wasn't kidding," Bernstein analyst Toni Sacconaghi wrote in a note to investors titled "Mad Musk, Fury Road." Many of these analysts don't expect the Cybertruck to be a serious player in the highly competitive pickup truck market. Tesla shares dropped 6.1 percent on Friday, the day after the Cybertruck's reveal.
Other analysts believe Tesla rushed the Cybertruck's launch, partially evidenced by the failed window-smashing demonstration. "The shattering of the truck's unbreakable glass windows during the live demonstration was not a good start," Deutsche Bank stated. Others think Musk made a major miscalculation regarding the truck's futuristic design and there could be serious repercussions down the road.
"Musk has been enthusiastic about his Blade Runner inspired design for months, but we were still surprised how futuristic he went with this one and believe it may shatter his dreams," another analyst commented. Unlike the Tesla Model 3 and Model S, the Cybertruck could become more of a lifestyle vehicle because of its radical design.
"It's unclear to us who the core buyer will be," said Dan Levy of Credit Suisse. "Tesla tried to throw a lot of stones at the legacy pickups on the market, with Tesla highlighting advantages in durability, towing, payload, and 0-60. Yet we think the legacy OEMs can breathe a sigh of relief, as we don't expect Cybertruck to encroach on large pickup share."
Despite these statements, Musk announced on Twitter over the weekend Tesla has received nearly 150,000 Cybertruck orders so far. Perhaps it's best for everyone to take a wait and see approach. If the Cybertruck turns out to be a major hit it wouldn't be the first time Elon Musk had the last laugh.