'Looks weird... like, really weird': Wall Street isn't sold on Tesla's new Cybertruck design. Here's what 7 analysts think about the electric pickup.
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- Tesla unveiled it's Cybertruck on Thursday in a live event at which its design leader accidentally broke two of the car's windows.
- Many Wall Street analysts think the truck's strange design could negatively impact the car's performance.
- Credit Suisse said rivals Ford and General Motors can "breathe a sigh of relief."
- Others say that it will be a niche offering, similar to the Hummer.
- Here's what seven analysts said about the Tesla Cybertruck.
- Watch Tesla trade live on Markets Insider.
Wall street analysts are not buying the futuristic design of Tesla's new electric pickup truck, called the Cybertruck, released in a live event Thursday."Tesla's Cybertruck looks weird… like, really weird," wrote Toni Sacconaghi of Bernstein in a Friday note. "Add a little bit of dirt, and you could even say it gives off a retro-future vibe a la Mad Max." Advertisement
The strange design, which was inspired in part by the movie "Blade Runner," is likely to impact how consumers view the truck and if they ultimately decide to buy, analysts said.
"We do not see this vehicle in its current form being a success," wrote Jeffrey Osborne of Cowen in a note Friday. That's because he doesn't see the Tesla brand or the Cybertruck design "resonating with existing pickup truck owners."That means that General Motors and Ford, Tesla's main competitors in the pickup market, can "breathe a sigh of relief," wrote Dan Levy of Credit Suisse.
To make matters worse, the live unveiling of the Cybertruck didn't exactly go as planned. Tesla's lead designer Franz von Holzhausen accidentally broke the truck's "armor glass" windows with a metal ball during a demonstration.That "was not a good start," wrote Emmanuel Rosner of Deutsche Bank in a Friday note. Tesla shares fell as much as 7% the day after the event.Still, the Cybertruck's design wasn't unanimously disliked by Wall Street. The design "will be a hit with the company's fanatic EV installed base globally as Musk & Co. are clearly thinking way out of the box on this model design," wrote Dan Ives of Wedbush in a Friday note. Advertisement
But Ives went on to say that those outside of the base might disagree.
"Investors will question if this is a mass market pickup going after Ford and GM with ~3 million pickup trucks sold annually in the US, or a more niche "wow factor" model that will be more limited," he wrote.Here's what else Wall Street analysts had to say about the Cybertruck:Advertisement