Tesla Stock Sinks After Cybertruck Launch

The launch of Tesla's long-awaited Cybertruck has failed to boost the shares of the electric vehicle maker, Josh Schafer reported for Yahoo Finance.

The Cybertruck's price exceeded expectations, with the lowest-grade model starting at $60,990, significantly higher than the previously expected $39,900. I Photo: Tesla X

The Cybertruck's price exceeded expectations, with the lowest-grade model starting at $60,990, significantly higher than the previously expected $39,900.

Questions about the demand for Cybertrucks, which can cost nearly $100,000 for the top model, still linger for investors.

Tom Narayan, lead equity analyst for global autos at RBC Capital Markets, noted that the Cybertruck has always targeted a "pretty specific niche customer," and the stock fell more than 2% in morning trading on Friday.

Narayan suggested an expected conversion rate from reservations to be about 20%.

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