Kevin O’Leary of “Shark Tank” fame recently noted that the Tesla Cybertruck would probably result in another big shift for the electric vehicle maker. This was despite the Cybertruck being, for all intents and purposes, an “ugly” vehicle.
During a conversation with Yahoo Finance Live, O’Leary stated that the Cybertruck is an extremely compelling vehicle. While the all-electric pickup truck is ugly, O’Leary noted that the demand for the vehicle is substantial, at least based on his investments in companies that are providing some technology for the Cybertruck.
“It’s going to be a boom, because that crazy-looking vehicle has already shown its popularity on preorders two years. It’s a very interesting vehicle. It’s got a really ugly look. Ugly is interesting. And, you know, to be honest with you, I’ve got investments in providers that are providing technology for that truck. And we know the demand is huge,” O’Leary said.
The Cybertruck is quite literally unlike any other vehicle on the road, from its unique shape to its stainless steel exterior. As such, setting up the Cybertruck’s production line at Gigafactory Texas has been no small feat. But once Tesla optimizes the vehicle’s production, O’Leary noted that the EV maker could see high margins on the Cybertruck.
“The one thing I really like about the story that I learned yesterday on the whole Elon thing, the margins on this truck could be really high. I mean, this is going to be— because they’ve had so much efficiency in manufacturing costs since they announced the truck. They’re probably picking up, you know, 10% to 12% more margin on that thing,” he said.
While Elon Musk has frequently noted that the Cybertruck could be a failure, the vehicle’s orders suggest that the futuristic pickup truck could be successful. Media estimates suggest that the total number of reservations for the Cybertruck have broken the 1.5 million barrier. This number could very well increase, especially as Tesla starts producing the long-awaited pickup truck later this year.
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