Tesla Inc. (NASDAQ:TSLA) has unveiled a new trim for its Cybertruck. The new trim is RWD (rear-wheel drive) and offers a range of over 362 miles on a single charge.
What happened: Tesla has officially revealed its price with the Cybertruck Long Range RWD retailing in the U.S. for $69,990 and $62,490 with the federal EV credit.
The trim level is lighter than the AWD (all-wheel drive) trims and has a reduced ground clearance of 243mm compared to the 406mm on the AWD Cybertrucks. The truck also rides on 18″ wheels and misses out on features like a rear screen, ventilated seats, and an air suspension. The towing capacity is also reduced to 7500 lbs.
Why it matters: Elon Musk‘s Tesla recently debuted in Saudi Arabia at an event in its capital city, Riyadh.
Saudi Arabia’s sovereign wealth fund — PIF — has outlined an ambitious target of producing over 500,000 battery EVs by the year 2030. Tesla’s arrival in Saudi Arabia could prove to be a paradigm shift for the local EV market, and could also help Elon Musk’s company cement its position in the region.
The truck’s release could also be Tesla’s way of appealing to a wider audience as it looks to offset the negativity surrounding the brand.
Tesla properties, superchargers, as well as products like the Cybertruck, have been a target of vandalism in the US due to Elon Musk’s involvement with the Donald Trump administration and the Department of Government Efficiency. Tesla sales have been down in almost every major country in the EU, except for the UK.
Price action: TSLA stock has experienced a decline in value, currently trading at $252.40, according to Benzinga Pro data. While the stock is up 15.89% over 6 months, it has declined by 37.5% year-to-date.
Tesla holds a momentum rating of 94.23% and a growth rating of 67.68%, according to Benzinga’s Proprietary Edge Rankings. The Benzinga Growth metric evaluates a stock’s historical earnings and revenue expansion across multiple timeframes, prioritizing both long-term trends and recent performance. For an in-depth report on more stocks and insights into growth opportunities, sign up for Benzinga Edge.
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