Tesla’s Cybertruck just hit 1.2 million pre-orders.

Back to November 2019 when Cybertruck was announced.

The weird design became a meme.
The unbreakable windows broke in the demo.
The stock dropped 6% after a letdown announcement.

Today, the Cybertruck costing $40-70,000 each, this would put Tesla making 50-80 billion dollars from just these orders.
Why this is a big deal.

Tesla made 31 billion in 2020, meaning this could double the entire revenue.
Tesla has 3x the pre-orders on Cybertruck over Model 3 before launch. Model 3 which went to sell a million units and be the highest selling electric car ever.

So were Tesla investors right and this thing might work?

Probably not.

Tesla Model 3 cost $35,000 and the pre-order deposit was $1,000.
Cybertruck “pre-orders” aren’t actually deposits and only cost $100.

Tesla is cheering, but they have a more expensive car over Model 3 and the entry on the pre-order is only 10% of what Model 3 was.

Tesla Model 3 ran a 15% cancel rate on pre-orders.
Cybertruck will likely be much higher.

There’s also a huge problem where if Tesla plans for these orders and they don’t come in.

All said and done, I think Cybertruck performs better over expected, but this 1.2 million pre-order number is sort of BS when the buying pool are frat boys planning on being AMC stock millionaires in six months.