Tesla’s Share Price Drops As the Price Tag for the Cybertruck is Unveiled

Tesla(TSLA) share prices dropped by 0.9% on Thursday as the renowned carmaker unveiled the pricing for its long-awaited Cybertruck, costing between $60,000 to $100,000. 

Initially, Tesla announced that the pricing of the cheapest Cybertruck model would be around $49,000. The share prices of TSLA dropped by 0.9% after the price tag came in at $60,990, which was more than the initial estimate from the car manufacturer. 

The base model of the futuristic vehicle is priced at $60,990 with a 250-mile battery range, while the high-end model of the Cyberbeast will be sold for a whopping $99,990, with a range of 320 miles. 

Deducting the $7,500 tax linked to the Inflation Reduction Act(IRA) and an estimated gas savings of $3,600, the two models will cost around $69,990 and $99,990 respectively. 

The CEO of Tesla, Elon Musk delivered the first 10 Cybertrucks at a live-streamed event held at the company’s headquarters in Austin, Texas. During the event, he also said that ramping up the new and advanced Cybertruck “is going to be extremely difficult” and there are over 1 million people on the waiting list for the vehicle. 

Elon Musk told investors on October 19- “This is simply normal for – when you've got a product with a lot of new technology or any new – brand-new vehicle program, but especially one that is as different and advanced as the Cybertruck, you will have problems proportionate to how many new things you're trying to solve at scale.”

"So, I just want to emphasise that one. I think this is potentially our best product ever. And I think it is our best product ever. It will require immense work to reach volume production and be cash flow positive at a price that people can afford," Musk added.