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Tesla announced its first Cybertruck was produced in Texas over the weekend. Before Tesla’s second quarter 2023 earnings call, the futuristic pickup truck debuts.
In 2019, Tesla CEO Elon Musk revealed the Cybertruck, however production has been delayed. Since 2021, Tesla has delayed production and delivery of the truck because to component shortages.
Musk scheduled summer 2023 production in July 2022. The executive also predicted a Q3 Cybertruck delivery event at Tesla’s first quarter 2023 earnings call.
At Tesla’s 2023 annual shareholder meeting in May, Musk said the carmaker might produce 250,000 to 500,000 cars each year. End-of-year mass production is planned.
Analysts will watch. Wednesday’s carmaker Q2 results call for production, delivery, and specs details.
Tesla blamed Cybertruck delays on supply chain concerns, but stolen documents showed other design and engineering shortcomings. A whistleblower revealed 100 GB of information to Handelsblatt in January 2022, showing preproduction prototypes had major braking, powertrain, suspension, sealing, and structural concerns. The news on Tesla’s unmet promises reminded many of the initial Cybertruck unveiling ceremony, when the designer broke the bulletproof glass windows.
Electrek reported 1.5 million Cybertruck reservations in November 2022. Pre-ordering Teslas requires a $100 refundable deposit since 2019.
Tesla previously anticipated the truck would start at $39,900 for the single motor, rear-wheel drive model with a 7,500-pound towing capacity and over 250 miles of range. Kelley Blue Book estimates that model will cost $50,000. The dual-motor, all-wheel drive version may cost over $60,000 and tow over 10,000 pounds and travel over 300 miles. The most expensive version, starting at $70,000, will have three electric motors, all-wheel drive, a 14,000-pound towing capability, and over 500 miles of battery range.
Tesla frequently adjusts prices mid-model year, so these costs may change again before 2023. Cybertruck customers may qualify for $7,500 federal EV tax subsidies.
Tesla’s pickup truck launch will enter another profitable U.S. EV industry. The Cybertruck will compete with Ford’s F-150 Lightning, which starts at $60,000. The Rivian R1T and Chevrolet Silverado EV are also coming. The 450-mile Silverado EV Work Truck costs $77,905. Fall 2023 delivery is expected. Deliveries for selected Rivian trims begin this summer at $74,000.
