Tesla Motors CEO Elon Musk yesterday tweeted that an electric pickup truck is being planned for after the Model Y -- a crossover vehicle that is supposed to follow the Model 3.
"I promise that we will make a pickup truck right after Model Y. Have had the core design/engineering elements in my mind for almost 5 years. Am dying to build it."
This is not the first time Mr. Musk has mentioned an electric pickup truck. Last month, he also unveiled an electric semi-truck and a new roadster. The semi-truck has already received hundreds of orders from some of the largest companies in the world.
Elon Musk tweeted out a thanks to Tesla customers for their support and asked ‘How can we improve further?'. He proceeded to respond to a number of replies on Twitter, including "Sustainable energy production with solar and batteries will grow much faster than auto on a percentage basis. That will be a big focus next year, with primary remaining Model 3 ramp."
On a related note, there were reports yesterday that the largest lithium ion battery in the world, which Tesla installed in Australia to help with power outages, is performing better than expected. The Hornsdale Power Reserve serves as a backup in Southern Australia where blackouts are common during the brutally hot summer.
More importantly to shareholders, Tesla is expected to report fourth quarter deliveries and update its production ramp this weekend (Tesla usually reports these numbers soon after the end of the quarter).
On November 1, Tesla pushed out the Model 3 production ramp, disappointing customers and shareholders. Tesla continues to go through ‘production hell', as Elon Musk calls it, to get the mass market EV to patient and loyal customers. Tesla reported issues with its production ramp and delayed the 5,000 unit weekly production rate target by three months, to late in the first quarter from the end of this year. Tesla also said it would deliver 100,000 Model S and X vehicles for the year, but it's the Model 3 production ramp that is squarely in focus. Note that Tesla has had issues ramping production with all three of its major vehicles.
Tesla has a ~$53 billion market cap, which is slightly higher than Ford (F) and slightly lower than General Motors (GM). The shareholder base is quite different for these three automakers. Roughly 25% of the sustainable energy company's stock is sold short.