Tesla Stock Drops Nearly 7 Percent After Cybertruck Unveiling

Tesla unveiled their highly anticipated Cybertruck last night, and many were taken aback by its controversial looks that resemble the love child of a Delorean and a doorstop. The reactions to the pickup have been brutal and many are asking how Tesla could have approved such ugly pickup. They’re not alone as Wall Street apparently hates it too.

Following last night’s unveiling, Tesla stock plunged by nearly seven percent from yesterday’s close at 354.83. At 10:15 EST, the stock hit 330.66 before slightly recovering. That’s a significant change and it appears to be a direct result of last night’s unveiling. However, it’s not all bad news as Tesla’s stock is still up nearly 80 points since last month.

Also Read: Tesla Cybertruck Is A Pickup From The Future Now; 0-60 In 2.9s, From $39,900

 

While there’s plenty of time for the stock to regain lost ground, it could be a concerning development for Tesla. As of now, it appears investors don’t have much faith in the model. Why that is remains unclear, but it’s possible they believe such a radically styled vehicle will fall flat with consumers.

If that’s the case, they’re not alone. Even some Tesla fans weren’t thrilled with the Cybertruck and took to the company’s forums to ask “Wtf did I just see?” and say it’s the “ugliest vehicle I have ever seen.” Others joked that it reminded them of the Pontiac Aztek. However, a majority weren’t too critical and some even claimed to have placed a deposit.

The reaction was more negative at the TeslaOwnersOnline forum as the leading result for a poll about the truck was “Um … no!” While some people said they placed an order, other comments ranged from “I puked in my mouth a bit” to “Teslas are so sleek and S3XY, and this just isn’t.”

Of course, fans will have plenty of time to get used to the truck as it isn’t slated to be launched until 2021. That coincides with the launch of GM’s electric pickup.

 

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