Elon Musk's Tesla Hikes $59,990 Cybertruck AWD Price As 10-Day Deadline Ends: Here's The New Price

Elon Musk-led Tesla Inc. (NASDAQ:TSLA) has hiked the price of the affordable all-wheel drive trim level of the Cybertruck by $10,000 days after revealing the variant.

Cybertruck AWD Trim Now Retailing For $69,990

On Tesla's official website on Sunday, the automaker officially hiked the price of the "Dual Motor All-Wheel Drive" trim to $69,990. The EV giant had earlier launched the trim level at a price of $59,990 amid a decline in sales.

The Cybertruck trim levels also include the Premium All-Wheel Drive, priced at $79,990 and the Cyberbeast trim, priced at $99,990. The hike comes as Tesla had earlier shared that the $59,990 price would be applicable for a limited time only and the trim level would see hiked prices post February 28.

Source: Tesla

Cybertruck Demand, Gary Black Weighs In

The news comes as Tesla has seen strong demand for the trim level, with takers for the base dual motor variant emerging, according to data compiled by influencer Sawyer Merritt.

However, investor Gary Black, who is the managing director of The Future Fund LLC, thinks that the trim level wouldn't translate into better sales for the automaker and would instead lead to cannibalization of the mid-spec Cybertruck.

EV Pickup Truck Push

Meanwhile, EV pickup trucks are gaining ground in the U.S., with the Jeff Bezos-backed company Slate Auto announcing that it will be revealing the price of its highly awaited $20,000-range EV Pickup Truck in June amid final negotiations with suppliers.

Ford Motor Co. (NYSE:F) also reaffirmed its commitment to EVs, sharing that its Universal EV Platform will underpin the company's mid-size EV pickup truck scheduled for a 2027 rollout.

Benzinga Edge Rankings show that Tesla scores well on the Momentum metric and offers a favorable price trend in the Long Term.

Price Action: TSLA slipped 0.18% to $401.80 during the after-hours trading session on Friday.

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