Leading electric vehicle company Tesla Inc (NASDAQ:TSLA) has seen strong demand over the years, which could likely continue with its new product releases.

What Happened: The highly anticipated electric pickup truck called Tesla Cybertruck is expected to be released in 2023.

Since it was unveiled in 2019, the Cybertruck had seen strong demand and reservations. Tesla CEO Elon Musk said Tesla had more than 250,000 reservations for the vehicle a week after reservations opened.

A crowdsource reservation tally showed the Cybertruck had more than one million reservations in 2021, according to a report from Electrek. The same report now said the Cybertruck had 1.5 million reservations.

Tesla collects a $100 refundable deposit on reservations, which could be part of the reason for the strong numbers due to the minimal commitment, but this is still a massive number.

Related Link: Tesla Cybertruck Featured On The Simpsons Episode Ahead of The EV's 2023 Release

Why It's Important: The Cybertruck is the first new model from the company in three years and could be one of the biggest catalysts for the company.

Musk set high expectations for the launch and said the vehicle could be "the best product ever" from Tesla.

The Model Y is one of the bestselling electric vehicles in the world and has helped Tesla with demand. A new vehicle could continue the company's momentum as it reaches new production and delivery records.

The Cybertruck enters the electric pickup market that has seen strong sales from Rivian Automotive (NASDAQ:RIVN) and Ford Motor Company (NYSE:F).

TSLA Price Action: Tesla shares are up 7.82% to $183.20 on Wednesday at market close versus a 52-week range of $166.19 to $402.67.

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