One of the most anticipated electric vehicles is the Tesla Inc (NASDAQ: TSLA) Cybertruck, which is expected to enter production later this year. A leading toy company is bringing a model version of the truck to consumers first.
What Happened: Last year, Mattel Inc (NASDAQ: MAT) announced a remote-controlled (R/C) version of the Tesla Cybertuck. The toy, which was delayed, will become available to customers Friday, May 21 at 9 a.m. PST.
“Hot Wheels Cybertruck R/C is a 1:10 scaled version of the groundbreaking electric truck and now is your chance to get behind the wheel, or at least the controller that looks exactly like it!” Mattel said.
“At only $100, this futuristic masterpiece includes a free-rolling Cyberquad and controller that mimics the innovative steering wheel.”
The Cybertruck R/C can travel up to 12 miles per hour making it one of the fastest R/C cars on the market according to the company.
Related Link: Tesla Confirms Cybertruck Production Will Start In Late 2021
Why It’s Important: Mattel announced 1:10 and 1:64 scale models for the Tesla Cybertruck last year. After a delay, the 1:10 model is the version being released first, and includes a Cyberquad, an ATV version of the Cybertruck Musk hinted at as a future project but has gone silent on.
Given the strong following of Tesla and the demand for the Cybertruck, this could be a strong seller for Mattel.
Mattel worked with Tesla directly to stay true to the design. The relationship could lead to Tesla or CEO Elon Musk sharing images or news on the R/C model.
The Tesla Cybertruck will enter production in late 2021.
Price Action: Tesla shares are down 0.36% to $586.57 Friday morning at publication.
Mattel shares are up 0.35% to $20.20 Friday morning at publication.
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