Tesla to Launch Cybertruck with 4-Motor Variant

This article was originally published on TipRanks.com

Tesla (TSLA) has revealed that its much-awaited Cybertruck will launch in an advanced, four-motor variant, according to Reuters.

First declared in 2019, the vehicle production is expected to begin next year and achieve volume production in 2023.

Tesla designs, manufactures, and sells fully electric cars, solar energy generation systems, and energy storage products. TSLA shares were down 6.4% on December 3 to close at $1,014.97. (See Tesla stock charts on TipRanks)

CEO Comments

In a tweet, Tesla CEO Elon Musk said, “Initial production will be 4 motor variant, with independent, ultra-fast response torque control of each wheel.”

Further sharing his excitement on the electric pick-up truck with “insane technology bandwagon,” Musk added that the Cybertruck will feature both front and rear-wheel steer that will “not just (turn) like a tank – it can drive diagonally like a crab.”

Notably, Musk confirmed receipt of several hundred thousand orders for the Cybertruck when it opened for preorders. Musk will declare further updates on the product roadmap in the next earnings announcement.

Cybertruck will compete with pickup trucks like GMC’s (GM) Hummer EV, Ford’s (F) F-150 Lightning, and Rivian’s R1T.

Wall Street’s Take

Consensus among analysts is a Hold based on 12 Buys, 6 Holds, and 7 Sells. The average Tesla price target of $938.52 implies a 7.5% downside potential from current levels.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into TSLA’s performance.

In October, Tesla website traffic recorded a 13.17% year-over-year decline in monthly unique visits. However, year-to-date website traffic growth increased by 1.7%, compared to the same period last year.

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