333.04 0.00 (0.00%)
After hours: 4:42PM EST
|Bid||333.02 x 900|
|Ask||332.60 x 1100|
|Day's Range||330.00 - 341.00|
|52 Week Range||176.99 - 379.49|
|Beta (3Y Monthly)||0.59|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jan. 28, 2020 - Feb. 3, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||263.97|
Headlines moving the stock market in real time.
Nov.22 -- Dan Ives, Wedbush Equity Research managing director, reacts to Tesla Inc.'s unveiling of its new "Cybertruck" where two of the truck's windows were smashed with a metallic ball during a demonstration. He speaks with Bloomberg's Jonathan Ferro on "Bloomberg The Open."
Tesla unveiled its long-awaited electric pickup truck on Thursday (November 21). With its geometric gunmetal-gray design, the Cybertruck makes a futuristic statement. The pickup is Tesla's first foray into a market dominated by heavyweights like Ford and GM. It's also key to CEO Elon Musk's vision of sustainable energy. "The top 3 selling vehicles in America are pickup trucks," he told the audience in Los Angeles. "To solve sustainable energy, we have to have a pickup truck." The Cybertruck boasts huge wheels and a body made of thick stainless steel that Musk says won't dent or scratch. But the armored glass windows cracked like spiderweb when hit with a metal ball during a demonstration. "A little room for improvement" Musk said. The Cybertruck starts at $39,900, with the most expensive priced at $69,900. The high-end version has a range of 500 miles, or 800 km. But that might not give it much of a boost when it comes to sales. One industry insider called it a "niche product at best" that poses "no real threat" to the market. Meanwhile, established names like Ford and GM are gearing up with electric trucks of their own. But for drivers itching to get their hands on a pickup with an edge, well, they'll just have to wait. Production of the Cybertruck isn't expected to begin until late 2021.
(Bloomberg) -- Short seller David Einhorn continued his long running war with Tesla Inc. Chief Executive Officer Elon Musk, saying he was “beginning to wonder whether your accounts receivable exist” and renewing a meeting request with the company’s chief financial officer.Einhorn’s hedge fund, Greenlight Capital, has lost money in recent months on its bet against Tesla shares, which have surged since the manufacturer reported a surprise third quarter profit in October. But the stock posted its biggest drop in nearly two months on Friday after Musk introduced a new pickup truck concept with a polarizing design.The well-known bear on Tesla’s stock said in a Twitter post he had yet to hear back from the electric automaker’s investor relations department more than a week after asking for an explanation about alleged discrepancies in its accounting practices. Einhorn also reiterated his call for a meeting with Tesla CFO Zach Kirkhorn and a tour of the company’s production facilities.Tesla did not immediately respond to a request for comment on Einhorn’s latest tweet.Einhorn’s social media salvo comes on a day when Tesla’s stock sank following the reveal late Thursday of a concept of its planned “Cybertruck” electric pickup. Tesla shares pared a drop of as much as 7% to trade down 6.1% to $333.28 as of 3:18 p.m. in New York.Musk, who has long warned of a “short burn,” taunted Einhorn earlier this month and said he read Greenlight Capital’s third-quarter investor letter that was critical of the carmaker.“It is understandable that you wish to save face with your investors, given the losses you suffered from Tesla’s successful third quarter,” Musk wrote. “You have our sympathies.”In August, Einhorn called on Musk to resign after Business Insider reported on “Project Titan,” the company’s internal effort to inspect all roofs that had solar panels and potentially faulty connectors in the wake of some rooftop solar fires. Last year, Musk sent Einhorn a pair of “short shorts.”Einhorn said on a Nov. 7 conference call that Greenlight remained short on Tesla, even though the position hurt its performance during the period. He added that he’d been surprised by the stock’s resilience, given “relentless negative news and what appears to be an end of the company’s growth trajectory,” according to a transcript.(Updates with details on short seller social media post from third paragraph)To contact the reporters on this story: Sam Mamudi in New York at email@example.com;Dana Hull in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Goldstein at email@example.com, ;Chester Dawson at firstname.lastname@example.org, Brendan CaseFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com - Tesla’s electric pickup truck, the “Cybertruck,” seemed to have everything, with CEO Elon Musk claiming it is bulletproof car, can go from zero to 60 mph in about 2.9 seconds and tow up to 14,000 pounds. But those claims have come into question after its armored glass windows were surprisingly shattered in a demo, sending shares of the electric vehicle company sharply lower.
A broad range of companies, from Blackberry Ltd. (TSX:BB)(NYSE:BB) to top automakers, are jumping into self-driving vehicle development.
The unveiling of Tesla's first electric pickup truck didn't go as planned when its supposedly "shatterproof" windows shattered during a demonstration. While on stage with Tesla's chief designer Franz von Holzhausen, Mr Musk challenged his colleague to take a sledgehammer to the truck's door and then toss a metallic ball at its window. In a second demonstration of the window's strength, the glass again shattered.
Tesla has finally revealed its cybertruck—a vehicle that by all appearances hardly qualifies as a truck, but which according to Mr. Musk will leave the competition behind
(Bloomberg) -- Tesla Inc.’s much-anticipated Cybertruck concept vehicle received an underwhelming reception from many investors and some of the automotive trade press due to its polarizing design and lack of typical pickup features. They may just be the wrong audience.No less an authority than Road & Track called the battery-powered Cybertruck “wacky” in its initial take on the pickup, which debuted late Thursday. Tesla sank 6.1% to $333.04 at 11:49 a.m. in New York.But the automaker hopes to win over celebrities and other pop culture influencers who can help position the truck as an aspirational vehicle that builds up Tesla brand loyalty, RBC Capital Markets analyst Joseph Spak said in a research note. He likened it to an environmentally-friendly Hummer, invoking the retired General Motors Co. gas guzzling SUV brand.“Call the Cybertruck a Hummer for the green millennial generation, really the ultimate virtue and vice signaling machine,” he said.Millennial influencer Moe Sargi, who has more than two million subscribers to his YouTube channel, tweeted out to Tesla Chief Executive Officer Elon Musk that he placed an order for the truck and was looking forward to ordering an optional two-person all-terrain vehicle that Tesla also plans to offer.Online comentators compared the Cybertruck’s angular design to the blocky, polygonal video game graphics of the early 2000s.Influential gaming website Kotaku said the Cybertruck’s geometry looked like something from a first generation Sony Corp. Playstation video game. And British racing game producer Codemasters joked in a tweet that its “lawyers will be in touch” for copying the design of its video game cars.The official Twitter account of best-selling futuristic sci-fi video game Halo, produced by Microsoft Corp. unit 343 Industries, gave a tongue-in-cheek shout-out to the truck by asking Musk if Tesla could produce a version with a rear-mounted cannon.Wall Street analysts said Detroit automakers who dominate the full-size pickup market have little to fear from the Cybertruck, but Tesla may not be aiming for those traditional truck buyers.“While the design and ‘armored’ features may actually expand the market by drawing in younger drivers who are gaming and sci-fi fans, these are buyers who are not likely to have been in the market for a King Ranch or Ram HD,” Barclays Plc analyst Brian Johnson wrote to investors on Friday.Games designer Ed Boon, who co-created the Mortal Kombat series, tweeted he wasn’t sure what to make of the vehicle as a “non-truck driver,” but that he admired Musk’s penchant for disrupting the automotive status quo.To contact the reporter on this story: Chester Dawson in Southfield at email@example.comTo contact the editors responsible for this story: Crayton Harrison at firstname.lastname@example.org, Brendan Case, David WelchFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Here are some weekend bites for you to nibble on:Frack, Baby, FrackEarlier this month, the Wall Street Journal reported that New York State had written down more than $1 billion worth of development projects in upstate New York, the most prominent of which was a solar panel factory it built for Tesla in Buffalo. The factory, announced by Governor Andrew Cuomo in 2013, was supposed to help jump-start the struggling upstate economy.Around the same time, Cuomo signed a bill to establish four upstate casinos. The casinos, said the governor, would also help the economy, by attracting tourism, and bringing “thousands of well-paying jobs.” It hasn’t exactly worked out that way. These days, the headlines read “Struggling NY casinos cut back on slots,” and “Upstate NY’s largest casino facing bankruptcy.” The Empire Center for Public Policy, a non-partisan think tank, reported last year that upstate New York “has gained private sector jobs at barely one-third the national average.”Yet there is an obvious solution to these economic woes: fracking. Almost all of New York sits above the Marcellus shale formation and upstate counties also sit atop the Utica formation. If energy companies were allowed to drill in New York, fracking could supply those thousands of well-paying jobs Cuomo hoped to get by legalizing casinos. But of course, fracking was banned in New York — by Cuomo. Which is not to say that New Yorkers don’t depend on fracked natural gas. They do — they just import most of it from Pennsylvania, where fracking jobs are plentiful. Maybe it’s time for New York to forget about casinos and Tesla solar plants, and start thinking about fracking.Trade War FolliesThe most frustrating aspect of the Trump administration’s ongoing trade war with China is that it is so very beside the point. The latest iteration is President Donald Trump’s demand that China buy $50 billion worth of U.S. farm products, which is more than double what it bought before the trade war began (and which isn’t going to happen). But it’s Trump who has hurt U.S. farmers. His decision to start the trade war caused China to retaliate by placing a 33% tariff on soybeans and tariffs up to 72% on pork. Up until then, U.S. farm exports were doing just fine. Now they’re a disaster.There are many people, both liberals and conservatives, who think the administration’s get-tough policy towards China has been a healthy development. I would agree if Trump would only focus on what actually matters: China’s ongoing theft of U.S. intellectual property, its insistence that U.S. companies hold minority interests in their Chinese ventures, and its demand for technology transfers in exchange for market access. Obsessing about the trade deficit with China, as Trump is doing, is not solving the real problems and is a waste of everyone’s time.A Nervous QuantJim Simons is the greatest investor of the modern age — and probably ever. Since 1988, his Medallion Fund has had average annual returns of 66%, or 39% net of fees. His firm, Renaissance Technologies LLC, has done it by creating complex computer algorithms that eliminate human emotion from trading. Simons’s role in helping to invent quantitative trading has made him a billionaire many times over.Yet in a recent biography(1) about Simons, the author Gregory Zuckerman tells the following story: Late last year, while Simons and his wife were vacationing over the Christmas holidays, the stock market started to tank. Simons began to grow anxious — so much so that he called Ashvin Chhabra, who runs his family office.“Should we be selling short?” Simons asked. Chhabra suggested that they try to ride it out and wait for the market to calm. Which it soon did. The irony, as Zuckerman notes, is that the man who took emotion out of trading still acted emotionally when he saw the market falling. If he can’t rein himself in, what hope is there for the rest of us?Nissan’s Annus HorribilisI wonder if Nissan Motor Co. wishes it had never brought in those Japanese prosecutors to arrest its then-chairman Carlos Ghosn. This week marks the one-year anniversary of Ghosn’s shocking arrest as he got off a plane that had just landed in Tokyo. As awful as the year has been for Ghosn — held in solitary confinement for 129 days as prosecutors tried to force a confession out of him; not allowed to see or speak to his wife; the subject of a constant stream of leaks to the Japanese media — it hasn’t been much fun for Nissan either.Ghosn, who insists he is innocent, will be facing a trial next year sometime. But so will Nissan, which prosecutors have accused of making false disclosures in securities reports. Hiroto Saikawa, Nissan’s chief executive officer, acknowledged that he and several other top executives had received excess compensation. That admission led to Saikawa’s forced resignation in September.Meanwhile, Nissan’s business has fallen off a cliff. In July it announced a quarterly profit drop of 99%, and said it would lay off 12,500 employees. Its once-vaunted alliance with Renault, which Ghosn orchestrated in 1999 and which remained hugely important to the company, is in tatters. And the stock has dropped 30% since Ghosn’s arrest.When the trial gets underway, Ghosn is going to argue that he has been the victim of a conspiracy between prosecutors, the Japanese trade ministry and Nissan. The goal, he will say, was to prevent him from merging the Japanese company with Renault. I suspect he’s right. In any case, there are other ways to oust a chairman without having him arrested. Nissan would have been better served choosing one of them.(1) The book’s title is “The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution.”To contact the author of this story: Joe Nocera at email@example.comTo contact the editor responsible for this story: Timothy L. O'Brien at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Tesla Inc. slumped on Friday after the electric carmaker’s newly unveiled pickup truck elicited mixed response on Wall Street, with many analysts saying the “particularly futuristic” design may relegate it to niche vehicle status.While the $39,900 starting price was below what the Street expected, Cowen analyst Jeffrey Osborne said that lowest-priced variant may never see the light of day. However, the pickup truck’s range and towing capacity were largely seen as “surprisingly strong.”Tesla shares fell as much as 6.3% in New York, the biggest intraday drop since Oct. 3. Here’s a roundup of the analyst comments post-launch.Cowen, Jeffrey Osborne(Underperform, Price Target $190)“In a night to be remembered for the Armored Glass fail, Tesla’s Cybertruck reveal will likely disappoint current pickup truck owners and we see the vehicle remaining a niche and not a mainstream product.”“The Blade Runner inspired design appears to be the most controversial feature.”“The base price of $39,900 is likely never to be seen, just as the $35k Model 3 has failed to materialize.”“Tesla appears to have rushed its launch of the Cybertruck in our view as it did not even have side mirrors or windshield wipers.”Evercore ISI, Arndt Ellinghorst(Underperform, PT $200)“Aside from the ‘armor glass’ windows smashing, the truck’s ‘artisanal’ cyber styling and excessive specs will likely result in a niche product made exclusively for a very conspicuous variant of EV enthusiasts and is unlikely to seriously threaten/disrupt incumbent truck makers or may even fall short of broader pickup new entrants such as Rivian.”Morgan Stanley, Adam Jonas(Equal-weight, PT $250)“While some investors may see the design as more fitting for a work site in a Martian colony, true art and design lovers may appreciate that Tesla has tried to bring something totally different to the market here on Earth.”“In this current iteration, we do not believe the Cybertruck poses a significant threat to the established pickup truck market.”“Aesthetics aside, we believe that the truck is competitive in terms of both price and performance versus other carmakers, with 14,000 lbs of towing capacity, 0-60 mph in 2.9 seconds, and adaptive air suspension.”Wedbush, Daniel Ives(neutral, PT $270)The truck’s design looks “more like a stealth bomber than a pickup truck.”“The most impressive and eye popping part of the design is the ‘ultra hard’ stainless steel alloy that Musk is using with Space X on its Starship rocket.”“Tesla’s pickup truck is surprisingly strong with towing capabilities north of Ford’s F150 and Rivian’s R1T, which is about 11,000 pounds.”“From a demand perspective this will be a more niche market, as we believe hitting the 150,000/175,000 unit threshold in its first full year of deliveries (likely 2022) is the line in the sand out of the gates and could be a tough bogey to hit.”Deutsche Bank, Emmanuel Rosner(Hold)“The truck’s design is particularly futuristic, and its claimed specifications very solid, including battery ranges of 250-500 miles, towing capacity of 7,500 to 14,000 lbs, and 0-60 mph acceleration in 2.9-6.5 seconds.”“The biggest surprise is probably its relatively affordable advertised pricing, ranging $40,000-$70,000 depending on the performance level.”Baird, Ben Kallo(Outperform, PT $355)“The radical design will likely be a point of discussion, but over time we expect impressive features will win over a larger audience.”“The Cybertruck showcases how electric vehicles can bring impressive capabilities to a variety of applications, well beyond basic commuter cars.”“We think vehicle specifications came in toward the higher end of expectations, particularly the low initial price point.”(Updates share move, adds Morgan Stanley comments.)To contact the reporter on this story: Esha Dey in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Steven Fromm, Catherine LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Who really needs bullet-proof glass, anyway? The president, yes, but him aside, it’s a niche market. Come to think of it, who even needs trebuchet-proof glass? Granted, the “transparent metal” windows on Tesla’s “Cybertruck” didn’t stand up to the literal slings at its unveiling in Los Angeles on Thursday night. But as long as you aren’t planning on off-roading into the middle of a medieval siege, you’re probably good.The more pertinent question, perhaps, is who really needs this truck?One way to answer that is to think of the Cybertruck as an actual truck. Its, er, radically angular design represents a departure in more ways than one (you can take in its planar splendor here). No other truck, or pretty much any other vehicle, looks like it. The specs, particularly at the high end, sound formidable, with Tesla boasting 500+ miles of range and a towing capacity that beats Ford Motor Co.’s F-150. It can also, according to Tesla’s video, outrace a Porsche. And it runs on electricity, of course.It also represents a departure from Tesla’s approach to date. The thing about the Models S and 3, and the X up to a point, is that they emulated the shape of the cars you know. Without an engine, there’s no compelling reason for the S to have that regular hood other than it getting you comfortable with the idea of driving an electric vehicle. Even the Tesla Semi, unveiled in similar fashion almost exactly two years ago, looked like a semi with some attitude. But with this pickup, CEO Elon Musk actually kicked off Thursday’s festivities by scrolling through pictures of old truck models and mocking how boring and uniform they are.There is a well-established school of thought which holds that many truck drivers prefer boring. Sure, anyone splashing out on, say, the rolling palace that is an F-150 King Ranch probably isn’t doing so purely for its drywall-carrying capabilities. But just as the boasts about the Tesla Semi’s acceleration were a bit odd — do you really want your driver gunning it with a payload of forklifts? — so the Cybertruck’s polyhedral aesthetic and features such as adjustable air suspension appear more suited to the smaller crowd not planning on hauling around a lot of drywall. Analysts at Evercore ISI estimate it would be tough for Tesla to hit 50,000 units in two years, when it is supposed to go on sale. Even at that level, at $50,000 a pop the theoretical revenue of $2.5 billion compares with an existing consensus revenue estimate for Tesla in 2022 of almost $42 billion.Strikingly, you only have to put up $100 to reserve your place in line for the Cybertruck. That’s way lower than $1,000 for the Model 3 or the $2,500 required for the forthcoming Model Y. On that point, I also couldn’t help noticing how the Cybertruck was unveiled in the full glare of the spotlight, as opposed to the chiaroscuro debut of the far more critical, from a business perspective, but relatively humdrum Model Y back in March.It all suggests the Cybertruck might better be understood at this moment as more than just a truck. The thing is, that snafu with the smashed windows will likely be laughed off by Tesla bulls. They have, after all, already laughed off multiple missed deadlines, almost laughable governance, the SolarCity debacle (which is ongoing in the form of mind-boggling court depositions from Musk and others), “funding secured,” bewildering executive turnover and multiple transfusions of capital.That last point is linked to why, as I wrote here, Tesla’s stock price appears to drive strategy and operations, rather than the other way around. The Cybertruck’s futuristic look and vaunted specs and pricing — which aren’t due to prove out for a couple of years at least — come just as Tesla’s sales growth has stalled. Meanwhile, consistent underspending on capex, even as bigger rivals are launching competing electric models, ought to raise concerns about the company’s ability to stay at the cutting edge. The stock has jumped recently nonetheless, in response to a surprise profit in the third quarter. But, as I wrote here and here, it was a mouse-sized swing on which to balance Tesla’s elephantine valuation. While Tesla expects the Model Y and Chinese Model 3 sales to help re-accelerate things soon, that’s already priced in (and then some) when your stock trades at 208 times GAAP earnings for next year. In that context, the Cybertruck is perhaps best understood as Tesla’s latest effort to bulletproof its own multiple(1).(1) Judging by Friday morning's sell-off, that effortcould probably use some "fixing in post", as they say.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Tesla Inc. Chief Executive Officer Elon Musk took to the stage late Thursday to reprise a familiar role: pitching a future vehicle to a throng of adoring fans. This time, it was the “Cybertruck” -- his name for Tesla’s new electric pickup.The angular vehicle, which has a stainless-steel skin, starts at $39,900 and will come in three variants, Musk told a packed audience in Hawthorne, California. Customers can order the truck with a deposit of just $100, though production “nears in late 2021,” Tesla said on its website.After a “Blade Runner”-inspired introduction, Musk had Tesla’s long time chief designer, Franz von Holzhausen, smash the truck’s steel exterior with a sledgehammer, showing that it did not dent.But it was the second demonstration, of “Tesla armor glass,” that was the real show stopper: von Holzhausen unintentionally shattered two of the truck’s windows with a metallic ball, causing Musk to say “Oh my f---ing god.” Given how product launches are usually scripted and rehearsed, the broken windows were the evening’s big surprise.Tesla shares fell 5.5% to $335.32 as of 9:47 a.m. in New York, the sharpest decline in almost two months.The evening began with a slide show of standard pickup trucks throughout the years, and Musk’s vow to make something different that runs on sustainable energy.“You want a truck that’s really tough, not fake tough,” Musk said, in what seemed to be a veiled swipe at Ford Motor Co.’s slogan. “A truck you can take a sledgehammer to that doesn’t dent.”Tesla fans in the audience liked what they saw.“It’s like something out of a movie set,” said Elizabeth Lepek of Marina del Rey, California, a current Tesla Model X owner who placed a $100 deposit for the Cybertruck. “It’s so futuristic. I like the design of it. There’s nothing quite like it on the road.”But traditional truck buyers are a tougher audience and less likely to be impressed by Silicon Valley sizzle.“It misses the core truck buyer,” said Gene Munster, a managing partner at venture capital firm Loup Ventures. “A contractor is not going to show up to a work site in this truck. That said, Tesla will still sell some of them.”The hashtag cybertruck quickly began trending on Twitter as potential customers started sharing their views about the futuristic design -- and the window snafu.And though it will take a long time before the Cybertruck hits the streets, that’s something Tesla customers are used to. Musk unveiled a Semi truck two years ago, but that vehicle has yet to enter volume production.Musk tweeted Friday the truck also will offer an optional two-person all-terrain vehicle, signaling Tesla’s plan to enter the off-road vehicle market. The lucrative full-size pickup market in the U.S. is dominated by the Detroit 3: Ford Motor Co.’s F-150, Fiat Chrysler Automobiles NV’s Ram 1500 and General Motors Co.’s Chevy Silverado. Japanese automakers have spent two decades and billions of dollars to get in on the gravy train, but U.S. brands still control almost 92% of the half-ton segment, according to IHS Markit.“The design will be questioned, but over time the specs will help win over pickup loyalists,” said analyst Ben Kallo of Robert W. Baird. “But the volumes are expected to be low, and the Model 3 and Model Y continue to be the focus.”(Updates with shares trading after market opening Friday in fifth paragraph.)\--With assistance from Thuy Ong, Natnicha Chuwiruch and Derek Wallbank.To contact the reporters on this story: Dana Hull in San Francisco at email@example.com;Ed Ludlow in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Chester Dawson at email@example.com, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Wall Street was set to open higher on Friday as latest comments from China and U.S. President Donald Trump lifted hopes of a trade deal after conflicting headlines this week knocked stock indexes off record highs. U.S. stock index futures rose in volatile trading as Trump told Fox News that a trade deal with China is "potentially very close".
DETROIT/TOKYO, Nov 22 (Reuters) - Tesla Inc's launch of its futuristic Cybertruck pickup suffered a setback when its "armored glass" windows shattered, but it was the overall look of the electric vehicle that worried Wall Street on Friday, driving the automaker's shares down 6%. In the much-anticipated unveiling to cheering fans late on Thursday, Tesla boss Elon Musk had taken aim at the design, power and durability of mainstream trucks, only to be shaken when his boast about his new vehicle's windows backfired. "Oh my fucking God, well, maybe that was a little too hard," Musk said, after his head of design, Franz von Holzhausen, cracked the driver's side window with a metal ball in a series of tests for the crowd at the event in Los Angeles.
DETROIT/TOKYO (Reuters) - Tesla Inc's launch of its futuristic Cybertruck pickup suffered a setback when its "armored glass" windows shattered, but it was the overall look of the electric vehicle that worried Wall Street on Friday, driving the automaker's shares down 6%. In the much-anticipated unveiling to cheering fans late on Thursday, Tesla boss Elon Musk had taken aim at the design, power and durability of mainstream trucks, only to be shaken when his boast about his new vehicle's windows backfired. "Oh my fucking God, well, maybe that was a little too hard," Musk said, after his head of design, Franz von Holzhausen, cracked the driver's side window with a metal ball in a series of tests for the crowd at the event in Los Angeles.
Tesla Inc's highly anticipated unveiling of its futuristic pickup truck suffered a setback after its "armoured glass" windows shattered during a demonstration. During the tightly choreographed unveiling of the Cybertruck to cheering fans on Thursday, Tesla boss Elon Musk had taken a stab at the design, power and durability of mainstream trucks, only to be shaken when his boast about his new truck's windows backfired. With a starting price of $39,900, the Cybertruck's futuristic, angular body in gun-metal grapy resembles an armoured vehicle and takes aim at the heart of Detroit automakers' profits.
Tesla Inc on Thursday unveiled its electric pickup, a truck with a futuristic angular body in gunmetal gray that resembled an armored vehicle and takes aim at the heart of Detroit automakers' profits. At a launch event in Los Angeles, Tesla Chief Executive Elon Musk said other versions will be priced at $49,900 and $69,900 with the most expensive offering a range of more than 500 miles (800 km). By comparison, the current maximum range of a Tesla car is 370 miles for its long-range Model S sedan.