- Loup Ventures says Tesla's (NASDAQ:TSLA) Cybertruck is building support in the construction industry based off its conversations with construction pros in the U.S. Midwest that indicated growing interest in EV trucks.
- The construction pros showed a higher intent to buy sentiment than anticipated and didn't seem bothered by the "brutalist" design of the Cybertruck. That could be a key point after Ward's Auto pointed out Tesla's tooling costs in production could be low if the flat body panel design is fine with buyers.
- The firm now forecasts the segment will account for 15% of Tesla units in its first fully ramped year (likely 2023 given it ships late in 2021) vs. the prior forecast for 5% of total units.
- Shares of Tesla fell 26% last week amid the broad market sell-off.