A smaller $Tesla(TSLA.US) pickup would be a compelling new form factor that could significantly expand TSLA TAM , volumes, and earnings potential. This was hinted at by VP of Vehicle Engineering Lars Moravy at this weekend’s TSLA X Takeover event in CA. We estimate a smaller pickup could add 420K incremental units per year to TSLA deliveries, with little or no cannibalization given the current limited consumer appeal of the TSLA Cybertruck, which sold just 5,000 units in 2Q. With pickups comprising approx 10% of global industry units. even a 5% share at an avg $50K ASP and 18% gross margin would translate to incremental earnings of $0.85/share (84M x 10% segment share x 5% TSLA share = 420K units x $50,000 x 18% x (1-20% tax rate)/3.5B fully-diluted shares = $0.85/share new EPS). @elonmusk