Tesla CEO Elon Musk teases Cybertruck, Ford claims 200,000 pre-orders for electric F-150 Lightning
Ford says it has received 200,000 pre-orders for the F-150 Lightning and Tesla CEO Elon Musk says more information on the Cybertruck will be revealed soon. Yahoo Finance’s Pras Subramanian details the latest news from the electric vehicle market.
ADAM SHAPIRO: Another eye-catching thing is electric vehicles, especially when it comes to trucks. Let’s introduce Pras Subramanian because the Ford F-150, the Lightning is electric, and I use electric as an adjective. Hot, hot, hot, and they won’t be delivered until next year, right?
SUBRAMANIAN PRAS: Yes, Adam, this is really a milestone for Ford, 200,000 pre-orders of the Lightning F-150 electric. You know what caught my eye was they said – Ford said 75% of those people who ordered this car are new to the brand, you know, that’s huge. And it’s not just to mention the fact that it’s not just the pre-orders of the F-150 Lightning that are doing quite well, the Ford Mach-E EV electric car, which has actually sold 22,000 cars since beginning of the year. Ford is also seeing strong demand for its E-Transit electric van.
But the problem here – and you mentioned it, Adam, is the fact that it will take Ford three years to fill the Lightning pickup backlog, right? Yesterday CEO Jim Farley was on CNBC to explain how they were going to quote: “Whatever they can, whatever it takes to double production capacity.” You know, so they claim that … Farley claims that Ford’s production capacity is half of demand. They really have to face this.
Now, at the same time, Wall Street is sort of taking notice of Ford’s rival here on the right, Rivian. The business is slowly gaining momentum, in which case Rivian will be making around 100,000 – sorry 1,000 vehicles by the end of the year. They started making vehicles around summer. But Morgan Stanley’s Adam Jonas here is sort of saying that Rivian is, in quotes, the one who can take on Tesla. He sees a number of factors here, the compelling product line, product stewardship, in this case that means CEO RJ Scaringe and his kind of company vision, access to capital, as well as the relationship from Amazon with the company. They own a piece of Rivian. And they also have 100,000 EV vans on order. That’s why Wall Street is bullish on Rivian here too.
EMILY MCCORMICK: Pras, speaking of Tesla, and elsewhere in the electric vehicle space. Tesla CEO Elon Musk suggests we may get more updates on the Cybertruck during the company’s fourth quarter earnings call. What are the details there?
SUBRAMANIAN PRAS: Yeah, you know, I feel like Elon Musk here is kinda … he feels left out of the party. You know, a lot of buzz with the F-150 Lightning and also Rivian’s R1T pickup. So it’s kind of like waiting, I have to get into that. So he teases the fact on Twitter that he’s going to join the next conference call that, you know Emily, I know you follow the company, he actually missed the last call because he wanted to, you know , the other executives to take over. He’s going to come back there and give us an update on the product roadmap as a whole, as well as the Cybertruck.
Recently, he said that the Cybertruck would be – an insane technological bandwagon – would be available with quad engines. It’s new to Cybertruck watchers here, as it was originally intended to come out with a three-engine setup, and now four, and who does that look like? It’s Rivian, they have four quads in their car.
Also, he said the current Cybertruck will do the crabbing, where all the wheels turn in the same direction and the car is moving, can sort of negotiate some terrain. You know, who does that look like? It’s GM’s Hummer EV that can also do the crabbing. So, you know, maybe we’ll hear more from Tesla and Musk about whether he could have a solar roof panel on that truck, new interior tech, things like that. But one thing is true, is that the Cybertruck was supposed to be produced by the end of this year in Austin, but Tesla pushed it back to 2022. Maybe we’ll get some clarification on that at this conference. January telephone.
ADAM SHAPIRO: Pras, I don’t know about you, but some of us when we see the Cybertruck, and it’s kinda cool, I’m still waiting for Tina Turner, “Beyond Thunderdome” to jump in and start singing, “We Don ‘ t Need Another Hero. ” He looks cool, but he just has that “Mad Max” appeal. All right, Pras, catch yourself at the post after the show.