Tesla Inc (NASDAQ: TSLA) have seen their shares climb on Monday after the firm reported strong sales for its new Cybertruck.
Chief Executive Officer Elon Musk tweeted that the company had received over 200,000 orders for its Cybertruck pick up, which seems to be a hit with consumers.
Shares in Tesla climbed 2.58% after the weekend’s news broke out and shares trade at $341. 25/11/19 15:05BST.
The global automotive industry has seen slumps and many firms have struggled to stimulate business amid cut throat market trading conditions.
Volkswagen (ETR: VOW3) and Nissan (TYO: 7201) saw their shares dip last week after they updated shareholders with a gloomy annual outlook.
Global rival such as Suzuki (TYO: 7269) have not been so lucky, seeing major slumps in Indian business.
Whilst firms have attempted to combat slow business through mergers, as seen with Fiat Chrysler (NYSE: FCAU) and Peugeot (EPA: UG).
Tesla opened preorders immediately, and allowed potential buyers to book the truck by depositing just $100, compared to the $1,000 Tesla charged for booking Model 3 sedans in 2016, drawing the flood of reservations and sending the company’s shares back up on Monday, according to Reuters.
The carmaker received 325,000 orders for the Model 3 in the first week of bookings three years prior, and the initial excitement for the trucks suggest that preorders could beat that figure.
“Better truck than an F-150, faster than a Porsche 911,” he tweeted here over the weekend, posting a video of the Cybertruck dragging the F-150 uphill.
Elon Musk had hit news headlines after he used his vast twitter fan base to promote Tesla products, but appeared controversial las year when he pledged to take Tesla private.
Tesla have updated shareholders that they plan to start manufacturing operations for the Cybertruck around late 2021.
Consumers seem very excited about the new product developments made by Tesla, however not all orders will translate into sales as many orders are likely to be cancelled.
However, it has been proven that once again Elon Musk has managed to promote Tesla products via twitter using his fanbase holding over 30 million followers.
