Investment firms are optimistic about Tesla’s Cybertruck it will sell as well as the Model Y

Investment firms are optimistic about Cybertruck sales matching those of Model Y

【PhoneAuto News】As the official production date approaches, there have been more and more news related to Tesla Cybertruck recently. Recently, some investment institutions pointed out that after Cybertruck is officially put into production and listed, it is expected to become a best-selling model of the company like Tesla Model Y.

Tesla Cybertrack

In a recent blog post, investment institution ARK Invest, which is bullish on Tesla’s future stock price, said it sees a high demand trend for Tesla Cybertruck and explained why the firm believes other analysts may underestimate demand for this pure electric pickup truck.

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ARK Invest analyst Sam Korus wrote: “In addition to the existing 1.5 million Cybertruck pre-orders, early Google Trends data suggests that Cybertrack may become mainstream like Tesla Model Y.” Korus concluded in the blog: “On April 2, 2023, when Elon Musk tweeted that he was inspecting the Cybertruck production line, Google searches for Cybertrack surpassed those for Model Y. It is worth noting that Cybertrack’s search volume comes mostly from areas where pickup trucks are popular, which may indicate that people in those areas want to buy it.”

Search index changes

Search area proportion

Just recently, JATO Dynamics data showed that Model Y ranked among the top in global passenger car sales in the first quarter of this year, and surpassed other models to become the best-selling car globally in the first quarter of this year. Musk has always regarded Model Y as one of Tesla’s most important models and has set very high sales targets for it. However, Musk has a different view of Cybertruck. Although he is very proud of the unique design of this electric pickup truck, he is also keenly aware that electric vehicles may not be welcomed by all consumers who want to buy a pickup truck.

At the previous shareholders’ meeting, Musk estimated the initial sales of the Cybertruck and predicted that the company could sell 250,000 to 500,000 fully electric pickup trucks annually. Musk added, “I don’t know. We will produce the amount of vehicles that people want and can afford.” According to recent estimates, Tesla has received approximately 1 million Cybertruck pre-orders so far. A survey released in April shows that most of the Tesla Cybertruck pre-order customers are determined to purchase the vehicle.

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