Tesla (TSLA) Stock Has Big Bull on Wall Street as Tesla Cybertruck Orders Surpass 500,000

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Wanguba Muriuki
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The Tesla Inc. (NASDAQ: TSLA) stock has been rising continuously since the start of the year, even earning Elon Musk billions within hours, as we published earlier. Musk is yet to update Cybertruck pre-orders since late November 2019, when they reached 250,000. However, the Cybertruck Owners Club has provided good evidence that as of February 18, Tesla has booked pre-orders for approximately 535,000 of the futuristic new electric vehicles.

That represents an average of 5,873 pre-orders daily. Interestingly, the Cybertruck link has vanished from Tesla’s U.S. website. But, it is available on the company’s other sites like France and Canada.

How is the Owner’s Club aware of how many pre-orders the company is making? They are using some minor hacking of Tesla’s reservation numbering system as members keep sharing their Cybretruck reservation numbers.

Although Cybertruck is not a favorite among everybody, its reservation has now outpaced Tesla’s Model 3 that got 518,000 reservations in five months in 2017. Notably, many love the new vehicle, particularly on the west coast of the United States.

Tesla Cybertruck Huge Demand

Tesla may be telling customers that they are full-on reservations. That might be the case with the Cybertruck link pulled off of the company’s U.S. site. Thus, users and interested parties may have to select another vehicle apart from the truck.

This indicates that there is some serious demand coming in not just for electric vehicles but also the other types of vehicles, including non-standard cars. Thus, automobile manufacturers might do well to consider pre-announcing their models to stimulate pre-sales more frequently in the future.

Volkswagen’s ID.3 electric car sold out in two days after its launch in the United Kingdom, although there were just 1,500 units available. Only 17% of people went for the single motor Cybertruck, according to reports by Electrek. The single motor is the cheaper $40,000 model. A majority of the interested customers want either the dual-motor or tri-motor versions, which cost over $50,000.

It is worth to state that people who put down $100 ($150 in Canada) on a fully-refundable reservation may not go-ahead to purchase the $50-80,000 trucks when they start shipping. Nonetheless, the pre-order numbers are quite impressive.

Tesla (TSLA) Stock

In the last six months, Tesla’s share price has increased over three-fold. The company has managed to show profitability in 4 of the past six quarters. The TSLA shares leaped higher on February 19, surging back to near-record highs.

The rise was fueled by another analyst upgrade from Piper Sandlers Cos., which expects Tesla Inc. to keep making money on battery-powered cars and energy generation and storage to run the vehicles.

TSLA shares gained 8.5% to reach $931.55 on February 19. Even with this bull case hike, analysts are convinced that the company’s stock will most likely fall. Tesla is still rated as an “underweight,” and Morgan Stanley has raised the base price target from $360 to $500.

At the moment of writing, TSLA stock price is $900.

Author: Wanguba Muriuki

Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.

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