Tesla Launches Affordable Cybertruck Trim with Impressive Range
Tesla Inc. TSLA has introduced a new rear-wheel drive (RWD) trim for its highly anticipated Cybertruck. This model boasts an impressive range of over 362 miles on a single charge.
What happened: Tesla has set the price for the Cybertruck Long Range RWD at $69,990 in the United States. After factoring in the federal electric vehicle (EV) tax credit, the price drops to $62,490.
This new trim is lighter than the all-wheel drive (AWD) options and features lower ground clearance, measuring 243mm compared to 406mm on its AWD counterparts. Additionally, it rides on 18-inch wheels and lacks certain amenities such as a rear screen, ventilated seats, and air suspension. The towing capacity is also capped at 7,500 lbs.
Why it matters: Tesla’s latest venture comes as it recently launched operations in Saudi Arabia, marking a significant expansion. At a recent event in Riyadh, the company highlighted its plans to boost its presence in the region.
By releasing a more affordable truck, Tesla aims to attract a broader customer base amid ongoing challenges, including negative perceptions and drops in sales in several major markets, particularly in Europe, except for the UK.
Price action: Currently, TSLA stock trades at $252.40, according to Benzinga Pro data. Despite a 15.89% increase over the last six months, it has seen a 37.5% decline year-to-date.
Tesla currently holds a momentum rating of 94.23% and a growth rating of 67.68%, according to Benzinga’s proprietary Edge Rankings. The growth rating assesses a stock’s historical earnings and revenue growth across various timeframes, focusing on both long-term trends and recent performance.
Discover more insights on stocks and growth opportunities by signing up for Benzinga Edge.
Read next:
Photo courtesy: Shutterstock
Market News and Data brought to you by Benzinga APIs
