San Francisco, Nov 21 (IANS): Tesla CEO Elon Musk was all set to unveil his first electric pickup truck on Thursday night with a "heart-stopping" design, with better utility than a Ford F-150 and superior performance to a basic Porsche 911.

The launch of the vehicle dubbed as 'Cybertruck' will happen at the Tesla Design Centre in Los Angeles, near SpaceX rocket factory.

In June this year, the Tesla CEO said the truck would start at "less than $50,000," putting it between the starting price of the Model 3 (currently $39,400) and the Model S (currently $79,990) sedans.

Musk originally planned to reveal the truck earlier this year, but extended the launch event to November.

Musk in April 2017 mentioned on Twitter the desire to produce a pickup truck, before the first Model 3 sedans had been handed over to customers. At the time, Musk tweeted that a pickup truck would be unveiled in 18 to 24 months.

Pickup trucks are currently the fastest-growing segment in the US.

"Even with direct competition from established players (like Ford's forthcoming electric F-150) and newcomers (like Rivian), there is a ton of money to be made in pickup trucks," The Verge reported.

"It's got to be, like, $49,000 starting price max. Ideally less. It just can't be unaffordable. It's got to be something that's affordable," said Musk.

There will be a version of the truck that gets 400 to 500 miles of range, meaning the more affordable base model may wind up with closer to 300 miles.

One thing to look for is whether Tesla will make versions of the truck with bigger cabs or wildly different trim levels, said the report.