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Behold, the Tesla Cybertruck is here

Kirsten Korosec

Elon Musk revealed Thursday evening the Tesla Cybertruck, a futuristic vehicle that seemed stripped straight out of a post-apocalyptic-era movie.

The Tesla Cybertruck, which Musk unveiled in dramatic fashion and to the hoots and hollers of invited guests at the Tesla Design Center in Hawthorne, Calif., is made of cold-rolled steel, armored glass that did crack in one demonstration and adaptive air suspension.

When the vehicle first came out people cheered and gasped. Some wondered out loud if this was really the cybertruck Musk had been promising. Others seemed disappointed it wasn't a more market-ready truck. But as Musk began rolling through the specs — first the body, then the performance and finally the price — the enthusiasm in the crowd began building.

By the time Musk uttered "one more thing," the crowd was frenzied and fully committed to the ride he was taking them on. And then an ATV rolled out onto the stage and the crowd went wild.

Later, while hundreds stood in line for a chance to take a two-minute ride in the cybertruck, the most common phrase from invited guests was "It's growing on me." Whether it will "grow on them" is unclear. All of the invited guests at the event, and those watching online, will have a couple of years (at least) to decide if it's grown on them enough to buy.

One, two, three motors

Tesla will offer three variants of the cybertruck. The cheapest version, a single motor and rear-wheel drive model, will cost $39,900, have a towing capacity of 7,500 pounds and more than 250 miles of range. The middle version will be a dual-motor all-wheel drive, have a towing capacity of more than 10,000 pounds and be able to travel more than 300 miles on a single charge. The dual motor AWD model is priced at $49,900.

The third version will have three electric motors and all-wheel drive, a towing capacity of 14,000 pounds and battery range of more than 500 miles. This version, known as "tri motor," is priced at $69,900.

Musk touted the acceleration of the Cybertruck as well, showing a video at one point of the truck beating a Porsche 911 off the line. Musk said the "tri motor" version can travel from 0 to 60 miles per hour in less than 2.9 seconds. The single-motor rear-wheel drive model is the slowest off the line, with a 0 to 60 mph acceleration of less than 6.5 seconds.

tesla cybertruck

Tesla CEO Elon Musk revealed the Tesla Cybertruck on Thursday, November 21, 2019

Tesla said customers can put down a $100 deposit. They'll be able to complete their configuration as production nears in late 2021. Tri-motor AWD production is expected to begin in late 2022.

Musk has talked about producing an all-electric pickup truck for years now. In December, Musk resurrected the idea, saying that Tesla might have a prototype to unveil in 2019.

Musk mentioned on Twitter in April 2017 the desire to produce a pickup truck, before the first Model 3 sedans had been handed over to customers and the CEO had entered production hell. At the time, Musk tweeted that a pickup truck would be unveiled in 18 to 24 months.

If Tesla were to hit that mark it would be bringing its electric truck to market after GM and Rivian have started delivering their products.

Rivian is expected to begin vehicle production of its electric R1T pickup truck in the second half of 2020. GM CEO Mary Barra said Thursday during an investor conference that the automaker plans to bring an electric pickup truck to market in 2021. Ford also is planning an electric F-150 truck.

It's unclear how much demand there will be for electric pickup trucks. However, the demand for gas and diesel-powered trucks is growing. Large trucks account for 14.4% of new vehicle sales through October, compared to 12.6% in 2015, according to Edmunds.

Midsize trucks accounted for 3.7% of new vehicle sales through October, compared to 1.5% in 2014.

Automakers are keen to tap into that growth because trucks and SUVs tend to have higher profit margins than sedans. And those margins could continue to increase if automakers can keep costs down.

The average transaction price of a full-size truck (gas and diesel) crossed $50,000 for the first time in September, and continues to climb, according to Jessica Caldwell, the executive director of insights at Edmunds. The average transaction price of a full-size truck was $50,496 in October, and a midsize truck was $36,251.