Elon Musk’s comment on Cybertruck’s “Off The Hook” requirement

Elon Musk’s comment on Cybertruck’s “Off The Hook” requirement

Tesla's Cybertruck Elon Musk

Tesla Inc. (NASDAQ:TSLA) shares have pulled back notably in the two sessions that followed the electric vehicle maker’s earnings release. This, however, hasn’t deterred the frenzy about Cybertruck.

What Happened: Cybertruck reservations swelled to 1,943,876 as of Friday, according to an online crowd-sourced data tracker, Teslarati reported. Since Tesla takes preorders with a fully-refundable $100 deposit, if the numbers are accurate, it would have earned preorder revenue of roughly $194 million.

A little over a year ago, preorders totaled one million. But all preorders may not translate to confirmed purchases as there could be people canceling orders.

Why It’s Important:

The billionaire also noted that the demand so far is off the hook that “you can’t even see the hook.” He also said it has a lot of new technology in it.

Future Fund’s Gary Black,

“Investors still don’t get how big a deal Cytruck is for overall $TSLA franchise,” Black tweeted. He sees new product sightings and social media coverage to drive potential EV customers to the Tesla website and into stores, boosting demand for all Tesla vehicles.

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