Tesla, Inc TSLA The next biggest product would undoubtedly be the Cybertruck, due to launch later this year.

What happened: After showing a pre-production Cybertruck model at an event was held this week to announce Tesla’s global engineering headquarters in Palo Alto, California, CEO Elon Musk had more news about the vehicle.

“Ramping production” will likely be the challenge, as is always the case with a new vehicle, Musk tweeted on Friday. However, he indicated that demand probably won’t be a problem.

Musk responded to a tweet from a Tesla influencer who said, “I can’t wait to see people’s stunned reactions as Cybertruck climbs the sales charts.”

Tesla fans are celebrating the launch of the electrified pickup as the “iPhone moment” for the company. The iPhone, launched in 2007, still is Apple, Inc AAPL Cash cow product that brings in about half of the company’s sales. In addition, the iPhone spawned a sticky ecosystem.

At the California event, Musk reiterated his remarks that Cybertruck was an epic product and that it would “change the look of the streets.”

See also: Everything you need to know about Tesla stock

Tesla Patents Cybertruck Steel: In separate news, Electrek reported that Tesla has applied for a patent on the “ultra-hard” steel alloy it plans to use for the body of its Cybertruck. Tesla said in its patent application, titled “Ultra-Hard Cold-Worked Steel Alloy,” that the steel could be used in vehicles with an exoskeleton.

Musk commented on a Tesmanian story on the subject, saying it was a “new metal.”

Why it matters: For Tesla, which suffered a slight drop in volume in 2022 due to production and demand issues, Cybertruck could prove to be a boon. future fund Gary Black expects 2024 deliveries of this EV pickup to be in the range of 200,000 units, adding $0.40 per share to earnings.

Tesla closed Friday’s session down 2.57% at $196.88 Benzinga Pro data.

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