The celebrated serial techprenuer, tweeted an awesome product launch from Tesla Inc., of which he is the founder CEO. The US Electric Automobile manufacturing company is all set to unveil its brand new ‘Electric Semi Truck’ this September. An electric Pick-up truck is close on heels and is expected in next 2 years.
Lauding his team for an ‘amazing job’, Musk described the event to be ‘seriously next level’. Tesla spokespersons remained tightlipped on additional details. The exact specifications and pricing is still unclear. Interestingly, ‘The Tesla Master Plan’ product launch in India released last July hinted at an innovative product for ‘substantial reduction in cargo cost’ while factoring ‘safety & fun’ into operations.
The slated launch is good news to investors who have been longing to see Tesla expand its horizon beyond two electric cars and enter the commercial foray. The tweet had its impact on bourses with Tesla’s shares rallying 2.4% to close at $304 in New York. The company is now valued at $49.6 billion with its market capitalization briefly surpassing General Motors Co., making it the most valued automaker in US.
The series of tweets by Musk did their job in raising the eyebrows of analysts, who quickly speculated the new product offering to be a ‘Semi-Autonomous Self Driving’ vehicle.
Musk, in reply to trailing tweets, confirmed the planned ‘Roadster’ as convertible.
The new offering is expected to boost Tesla’s production to 500,000 vehicles by 2018 from a mere 100,000 in 2016. Amidst excitement, Skeptics point to quality issues for which the company has been faulted repeatedly coupled with its struggles to yet deliver a product on time.
Moreover, with the Tesla Model 3 which is the latest brand launch in India; ‘sedan’ coming up for mainstream production in July, the company may have to look up at investors for additional funding to sustain parallel products. It is noteworthy that the company raised $1.4 billion through equity & debt last month only and any future capex must be carefully timed.
Marketing concerns are looming large as well with nearly 91% of truck owners expressing reluctance to employ charging facilities for long rides.