Tesla Cybertruck pricing at high end of expectations, says RBC Capital

RBC Capital keeps an Outperform rating and $301 price target on Tesla after the company unveiled the details of its Cybertruck model. Pricing starts at $61K, which is up 56% from the starting price announced in 2019 and at the high end of what the firm expected, the analyst tells investors in a research note. The conversion rate on the 1M+ reservations will be low, likely under 20%, though this shouldn’t be a factor through 2024 as Tesla will not deliver a cumulative 200k units until well into 2025, RBC states. The firm further notes that at only 3% of total Tesla volumes in 2024, Cybertruck should not be much of a margin headwind in 2024.