Electric cars

Tesla overtakes Ford with the Cybertruck. Waiting for the robotaxi promise

The pick-up has overtaken the F-150 Lightning . Meanwhile, Cathie Wood of Ark Investment supports the hype: share value increased tenfold with autonomous taxis

Cybertruck durante una parata del 4 luglio (AP Photo/David Zalubowski)  Associated Press/LaPresse

3' min read

3' min read

It started off on the wrong footing, but now what many had classified under the heading of strange creature, seems to be gaining momentum. In the first half of the year, Tesla sold some 11,558 Cybertrucks in the United States, behind only the Ford F-150 Lightning. The latter, in the endothermic version, is a kind of monument of the American car: for 47 years the unsurpassed number one in the category. Also between January and June, the Blue Oval sold more than 15,000 units of its electric version of its pick-up truck, launched in April 2022. "In the second quarter, the Cybertruck accomplished a feat, selling approximately 8,755 units, an outstanding achievement in the electric truck market," said Stephanie Valdez Streaty, of Cox Automotive.

In fact, the futuristic 3-tonne Cybertruck did better than the F-150 Lightning by about 850 vehicles in the second quarter. Tesla sold more than 3,200 units of its much-discussed pick-up truck in June alone: it was the most successful vehicle among those priced over $100,000. And to think that in the early months of 2024, the Cybertruck, production of which started in November 2023, in addition to heavy on its manufacturer's accounts, encountered a number of drawbacks. The first vehicles exhibited various door alignment defects and other manufacturing problems, which became apparent from the first prototype. Many early owners also reported serious mechanical, steering and brake problems. Equally serious was the fact that several customers reported rust and corrosion problems. Not to mention the price, initially promised at $39,900 and then raised.

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The recovery was greater on the other rival, Rivian. Tesla is estimated to have sold about 5,400 more Cybertrucks than the R1T model sold by the manufacturer, which counts Amazon among its shareholders, in the second quarter. "Increased competition in the electric pick-up market has actually affected sales of the Rivian R1T," added Valdez Streaty. During the quarter, Rivian also temporarily closed its production facility in an effort to reduce costs and improve efficiency. The closure likely weighed on sales.

And to think that in early 2024, the Cybertruck, production of which started in November 2023, as well as weighing on its manufacturer's accounts, encountered a number of problems. The first vehicles had various door alignment defects and other manufacturing problems, which became apparent as soon as the first prototype left the factory. Many early owners reported serious mechanical, power, steering and brake problems. Equally serious was the fact that several owners reported rust and corrosion problems. Not to mention the price, initially promised at $39,900 and then raised.

Cybertruck: arriva in Europa il pick-up di Elon Musk

The success of the Cybertruck in America did not help stop the retreat of the Elon Musk-led group in the electric passenger vehicle market. In the second quarter, Tesla's share in the US fell below 50 per cent for the first time. Tesla's decline occurred while sales of electric vehicles in the US rose 11.3% year-on-year.

Yet the stock of the car manufacturer with the largest capitalisation ($818 billion) has been the protagonist of a rally in the last three months (+60%), interrupted only by the news of the postponement of the much-anticipated presentation of robotaxis from 8 August to October. In this regard, according to Cathie Wood of Ark Investment Management, Tesla's creation of a self-driving taxi platform could be the catalyst for a roughly 10-fold increase in its share price.

According to Wood, the robotaxi ecosystem will be 'a global revenue opportunity of between 8 trillion and 10 trillion' and Tesla could make as much as half of it its own. That is, if Musk's promise (autonomous driving was announced in 2019) is enough to reaffirm that the Austin-based company is not just a car maker. Yesterday, meanwhile, the stock fell more than 3%, dragged down by the sell-off in technology.

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