The Tesla Cybertruck proves a sales hit long before its release, now worth more than BMW
While BMW already started production of its i4 "Tesla Fighter," the storied German car brand's whole market capitalization is now worth as much as Tesla's unreleased Cybertruck pickup. While Elon Musk announced the Cybertruck two years ago and said it amassed 250,000 reservations within a week, its pre-sale bookings have since accelerated instead of tapering off. Electrek's insider sources claim that Tesla is getting hundreds of Cybertruck reservations in its stores every week, leading to jaw-dropping numbers.
The latest crowdsourced Tesla Cybertruck pre-sale numbers put its reservations tally close over the 1.27 million mark, meaning a potential revenue north of US$80 billion for the electric pickup maker. That's more than the current market cap of BMW or Ford in Cybertruck reservations alone, indicating why Tesla is worth more than any other automaker out there by a large margin. The Financial Times calls its stock price phenomenon the "Tesla-financial complex" that has propelled options trading above shares trading volume this year, quite out of the ordinary:
An index of EV and electric battery companies compiled by the FT has a combined market capitalization of almost $1.8tn. In contrast, automotive giants Toyota, Volkswagen and Hyundai, the biggest car manufacturers in the world, are worth about $254bn, $135bn and $42bn, respectively. “There’s obviously a big halo effect with anything electric vehicle-related at the moment, thanks to Tesla,” says Benjamin Bowler, an equity derivatives strategist at Bank of America.
Tesla's enormous Cybertruck reservation volumes are just one piece of its stock market halo, but a very telling one, given that Cybertruck deliveries are not expected before the holiday quarter of 2022 at the earliest.