Tesla Is About To Make A Spectacular Electric Pickup Debut
On November 22nd, just before Thanksgiving, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk made a post on his X platform, revealing that Cybertrucks are on their way to North America stores. With several delays, Tesla is finally to enter the pickup truck segment, bringing in stainless steel design into the picture on November 30th. Moreover, Tesla will be hosting an extravaganza event to honor the occasion and it will be livestreamed on its website.
Tesla Always Makes An Entrance
Although challenging production-wise, Tesla chose stainless steel for its pickup debut. Although hard to manipulate, stainless steel doesn’t need to be painted while also resisting dents which is quite a plus when it comes to a vehicle’s outer shell. If Tesla EVs are something, they are distinctive.
The Cybertruck Needs To Spark Some Excitement
The Cybertruck marks Tesla’s first new passenger model in more than three years. But even Musk admitted during the October’s earnings call that the EV king dug its own grave with this vehicle, as increasing the factory output and making money out of it will be challenging. Musk stated that Tesla is expected to make 25,000 Cybertrucks a year but as of 2025 as the ramp up will be slow. All in all, this is a critical launch for Tesla because not only is the Cybertruck its mark in the year of the electric pickup but also it is its chance to turn things around as it has been facing with intensified competition and a sales slowdown.
Meanwhile, Even Legacy Automakers Are Struggling On The EV Front
When it comes to pickups, Ford Motor (NYSE: F) is arguably king with its F-150 being America’s best-selling vehicle. But even an electric version of this bestselling model didn’t save Ford. Along with the increased costs brought on by the recent UAW strike, Ford just announced it will be scaling back its $3.5 billion Michigan battery plant investment plans due to disappointing EV demand. Ford previously announced it will be cutting or delaying $12 billion from its EV strategy.
Toyota Might Have Been Quite Late To The EV Party, But It Is Going For A Win
On the other hand, Toyota Motor (NYSE: TM) just unveiled its EV battery roadmap. Since the new CEO, Koji Sato, got behind the helm, Toyota significantly changed its EV tune. With a dramatic expansion in offerings and commitment to develop innovative battery technology, Toyota is aiming to sell as many as 3.5 million EVs a year by the end of the decade. Toyota is also planning to introduce fast-charging, cheaper and space-efficient solid-state batteries in 2027.
Meanwhile, New Players Keep On Coming...
What is perhaps the most exciting part of the new EV era is the developments that promise to redefine transportation. For example, Worksport Ltd (NASDAQ: WKSP) revealed last week that its revolutionary portable battery system has entered the testing phase. Today, it added that the COR battery system will be designed, developed, and assembled in Canada, from both domestic and international parts as it entered into a strategic partnership with a prominent Canadian manufacturer that specializes in electronic boards. With the upcoming Alpha release, COR made a pivatoal step towards its official market launch. Worksport designed the COR battery system to be used both within a pickup truck bed and independently, providing users with the ability to power remote locations and extend the range of their electric pickups. Besides this groundbreaking battery solution, Worksport is also developing a solar-powered tonneau cover SOLIS. Hyundai Motor Company (OTC: HYMTF) will be getting a customized version of these two products as Worksport revealed last year it entered into a formal agreement with the Hyundai America Technical Center. Under the agreement, Worksport will be making prototypes of the SOLIS and a customized version of the COR to fit the Hyundai Santa Cruz.
If Tesla is known for anything, it is disruption. With the Cybertruck, it promises to redefine electric pickups and pickups in general. By the looks of it, Tesla promises to end 2023 on a high note with its extravaganza entry into the electric pickup market.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
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