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Tesla CEO Elon Musk promises to build pickup truck right after Model Y

Tesla Pickup Truck

It not been long since Tesla (TSLA) has unveiled their all-electric semi truck. Major companies such as UPS (UPS) and Anheuser-Busch (BUD) have already expressed their interest in the truck. From the latest reveals, it appears that Elon Musk has plans for a consumer pickup truck as well.

Musk has confirmed via Twitter that once TESLA is done with the Model Y crossover SUV vehicle, they would like to concentrate on the pickup truck. He also said that it could have a size, similar or slightly bigger than that of the Ford F150 class. He also hinted that it would come with a “game-changing” feature.

There have been certain issues regarding the SUV Model Y causing a considerable amount of delay in the manufacturing procedure. Tesla has already undergone a loss of $671 million in the third quarter of the year. Tesla faced struggles to ramp up the production of its new $35,000 Model 3 small car. The Model 3 had more than 500,000 potential buyers. But Tesla could produce only 220 Model 3s in the third quarter, far lower than the 1,500 mark, as promised by Musk. As a result of the delay in the battery facility in Nevada, Tesla has been compelled to modify their target. They are expecting to produce 20,000 Model 3 per month by the end of the first quarter of 2018.

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Of all vehicles, priced over $50,000, sold in 2016, more than one third were pick up trucks. As of now, the American truck buyers spend $46,844 on average on pick up trucks. The luxury SUVs like Mercedes GLC or Lexus RX cost lower than that.

A recent study by The Detroit News has shown that the electric vehicles will take over 4% of the U.S. market share in the coming year.

Back in April, in the long term, the trend will continue to be toward lower emissions and more electrified vehicles. – Joe Hinrichs, Ford’s President of the American branch

There is a tough competition in electric vehicles market as well. Ford has recently declared that they would be spending about $4.5 billion to bring 13 new electric and hybrid vehicles in the globally by 2022. The hybrid version of their best-selling F-150 pickup truck will come by 2020.

Via: CBS News

Tesla CEO Elon Musk promises to build pickup truck right after Model Y