Cybertruck will expand the truck market as much as Model 3 expanded the sedan market, says Cathie Wood. Model 3 pushed the boundaries of consumer perception, providing Tesla with worldwide popularity.
Deliveries of the Cybertruck, which is one of the most anticipated vehicles ever, will start shortly. Many analysts and experts believe that it will change the truck segment forever and ARK Invest's Cathie Wood agrees. In an interview with Benzinga, she said Tesla's pickup truck is a very important product for the company and will expand its segment just as Model 3 did. People tend to buy the sedan because it really is a great car.
“We think Cybertruck is going to expand the truck market, just like the Model 3 has expanded its category,” said Wood.
The analyst mentioned that regional preferences could be a factor preventing wider adoption of Tesla vehicles at the moment. Wood noted that Ford's F-150 Lightning electric pickup appears to be the Midwest's electric pickup truck of choice. However, she added that Ford and General Motors have signed a deal to expand the charging network at the expense of Tesla, which could be a catalyst for the Texas-based manufacturer to take a share in the Midwest.
“I'll bet the same thing happens with the Cybertruck,” she said.
Wood herself did not place an order for Cybertruck. She explained that she did not need a big car or the ability to transport something. However, she did not dismiss the possibility of doing so in the future. At the moment, Wood owns two Tesla cars: Model 3 and Model Y.
“I do think the Cybertruck will expand the market to people like me,” she said.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.