Image via @MatthewDR
In a recent interview with Yahoo Finance, Alex Wellen, the CEO of MotorTrend, suggested that Tesla might struggle to maintain the price of its much-anticipated Cybertruck at $75,000.
This statement comes amidst growing interest in electric vehicles (EVs), with MotorTrend’s data indicating that 78% of active car shoppers are very interested in EVs.
MotorTrend’s research also revealed that nearly half of all car shoppers are considering purchasing an electric or hybrid vehicle within the next five years. Despite concerns about range anxiety and charging infrastructure, Wellen believes that the transition to EVs is inevitable for most consumers.
However, the high average cost of EVs, currently around $55,000, could pose a significant barrier for many potential buyers. This is where the pricing of Tesla’s Cybertruck becomes a critical factor.
In 2019, Tesla CEO Elon Musk announced that the Cybertruck would be priced at $39,000. However, Wellen believes that Tesla would be ‘lucky’ to offer a three or four motor version of the Cybertruck at $75,000.
“Musk said in 2019, three and a half years ago that [the Cybertruck] would be $39,000 – I think eventually, like they did with the Model 3, they’ll have a $39,000 truck,” said Wellen, noting the entry version won’t come right away. “But if they want to do three or four motors, I would say they would be lucky at $75,000,” he added.
Tesla has shown they have been able to lower the cost of manufacturing over time, thanks to its ongoing efficiencies. Naturally, this should also happen with Cybertruck, but Musk noted the construction of the truck is unlike anything ever made.
Interestingly, the most searched EV brand on MotorTrend.com over the past year was Rivian, surpassing even Tesla and Lucid. Rivian’s R1T pickup, despite its high price and long waitlist, has attracted significant attention due to its impressive capabilities, including four electric motors and 900 horsepower.
The Tesla Cybertruck, set to enter production later this year, has also sparked considerable interest among MotorTrend users. However, its unique design has been polarizing, and its pricing will be a key determinant of its success in a competitive market that includes the Ford F-150 Lightning and the upcoming Chevrolet Silverado EV and Ram 1500 REV EV.
At Tesla’s recent annual shareholder meeting, the company parked the Cybertruck front and center at Giga Texas’ new entrance for investors to see, and it was quite the sight to behold.
