Justin Sullivan
Morgan Stanley attempted to reel in expectations on the Tesla (NASDAQ:TSLA) Cybertruck in a new note published on Thursday.
Analyst Adam Jonas and team think the electric vehicle pickup could end being more of a side-show financially than a volume player with the company potentially taking a page out of Ferrari’s (RACE) playbook and purposely restrict production to create a "limited edition" exclusivity. That does not mean Tesla (TSLA) will not be a major player in the electric pickup market in the future, with MS still forecasting nearly 500K units of pickup truck volume for Tesla by 2030 through conventionally designed variants to hit larger parts of the core pickup truck market, including commercial end-user applications.
For the meantime, the Cybertruck is not seen as posing a significant threat to the established pickup truck market, although Jonas does think it could snap us some buyers on the more enthusiast end of the market, which could clip some Ford (F) F-150 Raptor sales in particular.
"We still think the Cybertruck is an important product for Tesla in many ways… the corporate and brand authenticity is enhanced by bringing statement products like Cybertruck to market that capture the imagination of consumers. Playfulness and iconoclasm is part of the Tesla brand. At the same time, we think investors can consider that Tesla’s mission, and the expectations embedded in its $650bn market cap, has expanded exponentially since 2019."
Tesla (TSLA) has ramped up its hiring at the Texas Gigafactory in preparation for the official production start of the Cybertruck this summer. However, during the last earnings conference call, Elon Musk said production at volume will not begin until 2024. Read the full earnings call transcript.
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