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Tesla, Inc. TSLA hasn’t expanded its product lineup for a long time now and by next month, the electric vehicle maker’s Semi will likely hit the road.
What Happened: The most widely anticipated and important new vehicle from Tesla’s stable would be the Cybertruck, according to Future Fund founder Gary Black. The second-highest priority for Tesla after the Cybertruck should be a sub-$35,000 car, he added.
A Tesla vehicle targeting the under $35,000 segment is a different initiative from robotaxi, Black said. Also, this segment comprises about 50% of the market, he added.
While noting that Robotaxi is also important, the fund manager said it could take another three to five years before the service is rolled out.
See also: Ads Or R&D: How Does Tesla Compare To The Auto Giants?
Why It’s Important: Tesla has hinted at launching the Cybertruck next year. The company is late to the party, with Ford Motor Co. F and Rivian Automotive, Inc. RIVN having already launched their versions. Nevertheless, there could be huge interest among users for Tesla’s Cybertruck, given the loyal following the brand commands.
Although the Model S was Tesla’s first commercial vehicle, the company began to gain traction only with its mass-produced, cheaper Model 3 sedans launched five years later. The need for an affordable EV can’t be more acute than in the current scenario, where consumers are faced with the double whammy of slowing growth and red-hot inflation.
Tesla closed Friday’s session down 3.64% at $207.47, according to Benzinga Pro data.
Read Next: How Elon Musk Makes Money
Photo: Courtesy of Tesla Owners Club Belgium on flickr and tesla.com
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Image and article originally from www.benzinga.com. Read the original article here.