Tesla (TSLA) - Get Report was roundly criticized when it debuted the Cybertruck back in November thanks to the pickup truck's unconventional design and a failed durability test that left the demonstration vehicle with a cracked window.
But three months later, the company’s gamble on the vehicle could be paying off as the unofficial Cybertrucks Owners Club released numbers suggesting the vehicle has received 522,764 preorders in just three months.
The group also compared Cybertruck preorders to Model 3 preorders, saying the Model 3 only received around 518,000 total reservations between its unveiling in April 2016 and August 2017.
These again are unofficial numbers, and the idea that the Cybertruck has more pre-orders in three months than the mass market Model 3 had in nearly 18 months makes some people skeptical of the number. Tesla didn't respond to a request for comment.
“The last time Elon Musk disclosed Cybertruck reservation figures was on November 26, 2019 when he tweeted that 250k pre-orders had been received,” the group’s message board said. “That means approximately 272k orders have been received in the 12 weeks since his last update; compared to the 250k reservations received in the first 5 days of ordering.”
Shares of Tesla leaped higher on Wednesday, climbing back to near-record highs, fueled by yet another analyst upgrade, this time from Piper Sandlers Cos., which expects the electric vehicle company to not only keep making money on battery-powered cars but also on energy generation and storage to run them.
Tesla shares rose 8.5% to $931.55 on Wednesday.