At a product event on Thursday, Tesla CEO Elon Musk took the wraps of Tesla's latest vehicle, an electric truck dubbed Cybertruck. Tesla shares closed 0.74% higher on Thursday to $354.83.
The angular six-seater truck might draw comparisons with a DeLorean or, as Musk suggested in a tweet earlier Thursday, the Lotus from the Spy Who Loved me. However, the CEO was at pains to target the Ford F-150, the best selling vehicle in America, which Musk referenced several times during the presentation. The Cybertruck's dimensions are 231.7 inches in length and 79.8 inches iin width. It stands 75 inches high.
The cybertruck's unveiling was punctuated by a Tesla employee attempting to smash the exterior, which is made of "ultra hard, cold-rolled stainless steel" according to Musk, with a sledgehammer. Other features include "transparent metal" glass windows that are purportedly bulletproof.
The truck has a 250 mile range at the low end and 500 at the high end, according to Tesla. It takes 2.9 seconds to reach 60 mph, a performance figure that places it on par with a current model Porsche, the company suggested in a test video played at the product event.
The cybertruck in its base model form will retail at $39,900 and up for the 250-mile range version. The top-line version sells for $69,900. Tesla began taking deposits immediately with production expected in late 2021.
That places it on par or below others in the electric truck market. Rivian's R1T model has a starting price of $69,000. In February 2019, Rivian received $700 million in financing in a round led by Amazon (AMZN) - Get Amazon.com, Inc. Report .
General Motors (GM) - Get General Motors Company Report has also announced plans to build an electric Chevrolet pickup, and Ford (F) - Get Ford Motor Company Report has confirmed plans to build an electric truck called the F1-150.
In a note this week, Deutsche Bank analyst Emmanuel Rosner wrote that the distinctive design of Tesla's cybertruck may carry a risk of "not attracting traditional pickup buyers, leaving it a lower-volume niche product."
Tesla shares are up 14.4% year to date.
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