During the weekend, Tesla made a momentous announcement, revealing that its highly anticipated Cybertruck has successfully commenced production at its facility in Texas. The unveiling of this futuristic-looking pickup truck comes just before Tesla’s second-quarter 2023 earnings call.
Elon Musk, the CEO of Tesla, initially introduced the Cybertruck in 2019, but production has faced several delays. Originally planned for 2021, the production and delivery were postponed due to component sourcing shortages.
In July 2022, Elon Musk, the CEO of Tesla, announced a revised production schedule for the summer of 2023. During Tesla’s first-quarter earnings call in 2023, he made a commitment to hold a delivery event for the highly anticipated Cybertruck towards the end of the third quarter (Q3) of 2023. This announcement generated excitement among Tesla enthusiasts and those eagerly awaiting the launch of the Cybertruck.
As the automotive community eagerly awaits Tesla’s Q2 earnings call, analysts hope for more concrete details on production, delivery, and specifications.
While Tesla has attributed the Cybertruck delays to standard supply chain issues, leaked documents have revealed other fundamental flaws in the vehicle’s basic design and engineering. “In January 2022, a confidential source disclosed a substantial 100GB trove of documents to the esteemed German publication, Handelsblatt, thereby revealing profound shortcomings in the preliminary prototypes concerning braking and powertrain., suspension, sealing, and structural integrity.”. This report reminded many of the first Cybertruck reveal events, during which the supposedly unbreakable armor glass windows were cracked by the vehicle’s designer.
By November 2022, the Cybertruck had garnered more than 1.5 million reservations, as reported by Electrek. Since 2019, Tesla customers have been able to place a $100 refundable deposit to pre-order the Cybertruck.
Originally priced at $39,900 for the single-motor and rear-wheel drive model, which boasted a towing capacity of 7,500 pounds and a range of over 250 miles, the starting price of the entry-level model is now expected to be around $50,000, according to Kelley Blue Book. The dual-motor, all-wheel-drive version may start at approximately $60,000, with a towing capacity of over 10,000 pounds and a range of more than 300 miles. The highest-priced variant, beginning at around $70,000, will feature three electric motors, all-wheel drive, a towing capacity of 14,000 pounds, and a battery range of over 500 miles.
Tesla typically adjusts prices in the middle of a model year, so there may be further shifts in prices before the end of 2023. Cybertruck buyers might also be eligible for the U.S. federal EV tax incentives, amounting to $7,500.
The launch of Tesla’s pickup truck will enter the automaker into another lucrative EV segment in the U.S. “The Cybertruck shall encounter formidable competition from electric pickups such as Ford’s F-150 Lightning, presently attainable with an initial cost of around $60,000.” Other upcoming electric pickups include the Chevrolet Silverado EV, starting at $77,905 and offering a range of 450 miles on a single charge, with delivery expected in the fall of 2023. The Rivian R1T, starting at $74,000, will have deliveries for certain trims starting this summer.
