Tesla’s most important catalyst is Cybertruck: fund manager Gary Black

Tesla (TSLAThe stock jumps for a second day as investors and analysts continue to detail what has been revealed During Tesla’s fourth-quarter earnings report.

While Tesla beat both the top and bottom lines, CEO Elon Musk’s comments during the conference call really got investors interested.

One of the neatest bits: After cutting prices in January this year, Musk said the company had seen “the strongest year-to-date orders in our history.”

Gary Black, a Tesla investor and Future Fund managing partner, told Yahoo Finance, “Elon kept going [the earnings call] He showed a lot of confidence and said January orders were double production. “It’s kind of hinted that maybe we can even manufacture 2 million units in 2023, and that’s what drives inventory up.”

Although Black is a believer in Tesla, he’s not one to mince words, and he’s been critical of the company — mostly in connection with Musk’s foray into Twitter.

Black even said Tesla’s fourth-quarter earnings report was “unspectacular,” but another block in the earnings release really caught his attention — Tesla’s update about the upcoming Cybertruck. Tesla revealed that the Cybertruck is set to go into production later this summer, though Musk made it clear on the call that volume production won’t happen until 2024.

“The most important catalyst is the Cybertruck,” Black said. “We’ve been waiting for four years, there are 1.3 million pre-orders. That’s a huge motivator if they can get it done by the end of the year and then early next year.”

Tesla co-founder and CEO Elon Musk gestures as he wraps up his presentation of the newly unveiled battery-powered, all-electric Tesla Cybertruck at Tesla Design Center in Hawthorne, Calif., November 21, 2019 (Photo by Frederick J. Brown / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

In fact, the Cybertruck pickup might be Tesla’s most anticipated product ever, after it was unveiled back in 2019. Since then, the Ford F-150 Lightning EV pickup has been released, along with Rivian’s R1T. Later this year, GM will release its Chevrolet Silverado EV, and in 2024, the Ram 1500 EV pickup will join the competition.

See also  Mortgage volume collapses due to rising interest rates: What this means for future home sales and consumer spending

While the EV pickup battlefield will be fierce, none of the competitors have anything quite like the Cybertruck in terms of looks. And they can’t match the ingenuity of producing Tesla electric cars at this time.

In fact, Black is putting its money where its mouth is, with its Cybertruck in pre-order.

“I can’t wait to drive her to Nobu in Chicago and leave her there and have all the kids take pictures of her,” he says. “It’s such a radical look that you either love it or hate it, and I think it’s beautiful. I think it’s going to be a huge seller.”

Pras Subramanian is a correspondent at Yahoo Finance. You can follow it Twitter and on Instagram.

For the latest earnings reports and analysis, earnings whispers and forecasts, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for an Apple or android

Follow Yahoo Finance on Twitter TwitterAnd FacebookAnd InstagramAnd FlipboardAnd linkedinAnd Youtubec

Leave a Reply

Your email address will not be published. Required fields are marked *