The Tesla Cybertruck's demand will likely be stronger than expected once the all-electric pickup is released to the market. According to Loup Ventures' Gene Munster, this is because the Cybertruck may be well-accepted by core pickup buyers, thanks to its combination of practicality, bleeding-edge tech, and novel features.
In a recent blog post at Loup Ventures' website, Munster stated that they recently spoke with 22 midwest-based construction professionals. Individuals in construction are a core truck-buying segment, and based on the Wall Street firm's conversations, it appears that Tesla hit the mark with the Cybertruck.
First off, Munster admitted that his initial analysis of the Cybertruck, wherein he predicted that the vehicle would only account for 5 percent of Tesla's sales due to its niche appeal, was not exactly accurate. Among the 22 professionals who were interviewed, ten said that their next pickup would be electric, four were undecided, and eight said that they would be staying with an internal combustion-powered truck. This means that two-thirds were positive or at least neutral to the Cybertruck.
Secondly, Loup said that Tesla's product awareness is favorable, with 11 professionals saying that they knew about the all-electric truck. Only 4 out of the 22 were able to name the Cybertruck, however. That said, 5 of the 22 said that they would be buying a Cybertruck within the next five years, a result that pleasantly surprised the Wall St firm.
If there is one thing that will likely affect the Cybertruck's demand positively, it will probably be the electric pickup's price. The Cybertruck starts at $39,990, far lower than Elon Musk's initial estimates of $49,000. However, most construction professionals that were part of Loup Ventures' analysis guessed an average cost of $84,000 for the Cybertruck's starting price. That's more than double the base Cybertruck's price.
This discrepancy is not very surprising, since Tesla is not really ramping its marketing for the Cybertruck like a traditional automaker. This bodes well for the upcoming vehicle too, since construction professionals could interpret its low price as an unexpected plus. This goes well with Loup Ventures' findings that only 3 of the 22 professionals said that they would be embarrassed to go to a work site in a Cybertruck. The other 19 were completely fine with the vehicle, its radical design notwithstanding.
If the Cybertruck can attract old-school truck owners who use their vehicles for work, Tesla's all-electric pickup can become very successful in the market. Old-school truck drivers are known to stay with their tried and tested preferences, after all, so it's very encouraging to see that many are actually open to using an electric truck, or even a Cybertruck, in the near future. This shows that the pickup truck segment, including core buyers, are ripe for disruption.
The support from classic truck enthusiasts will likely be the cherry on top for Tesla's all-electric truck. After all, many teens and young adults today have grown up at a time when electric cars like the original Roadster and the Model S P100D are the dream vehicles. In a few years, these teens and young adults will be purchasing their first cars, and many of them will likely go for a Cybertruck considering the vehicle's size, price, and features. At the end of the day, the young today simply don't dream about vehicles like the Ford F-150 anymore—they dream about the Cybertruck. And that bodes well for Tesla.
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Longtime writer and news/book editor. Writing about Tesla allows me to contribute something good to the world, while doing something I love.