Tesla Announces First Cybertruck Build Ahead of Second Quarter Results
Tesla said over the weekend that its highly anticipated first Cybertruck had rolled off the electric vehicle maker's production line in Texas. The launch of the long-delayed futuristic-looking pickup truck comes ahead of Tesla's Q2 2023 earnings call.
Tesla CEO Elon Musk first introduced the Cybertruck in 2019, but vehicle production has been repeatedly delayed. The truck was originally slated for production and delivery in 2021, but Tesla has pushed back the schedule since then, citing component supply shortages.
In July 2022, Musk set a new production schedule for summer 2023. During Tesla's first quarter 2023 earnings call, the exec also promised to hold a delivery event for the Cybertruck towards the end of the third quarter.
Musk told Tesla's annual shareholders meeting in May 2023 that the automaker could deliver between 250,000 and 500,000 units a year once production begins. Serial production is scheduled for the end of this year.
Analysts will be on the lookout on Wednesday during the automaker's second-quarter earnings call for more specific details on production, delivery and specifications.
While Tesla blamed Cybertruck delays on standard supply chain issues, leaked documents revealed other fundamental flaws in the vehicle's basic design and engineering. In January 2022, a whistleblower leaked 100GB of files to German outlet Handelsblatt that showed pre-production prototypes had serious brake, powertrain, suspension, sealing and structural issues. The report, which details Tesla's broken promises, reminds many of the Cybertruck's first reveal event, when the vehicle's designer cracked the supposedly unbreakable armored glass.
As of November 2022, the Cybertruck had over 1.5 million reservations, according to a report by Electrek. Tesla customers can deposit a refundable deposit of $100 to pre-order since 2019.
Tesla originally estimated the truck would start at $39,900 for the single-motor, rear-wheel-drive model, which would have a towing capacity of 7,500 pounds and a range of over 400 km. This model should now start at around $50,000, according to Kelley Blue Book. The dual-motor, all-wheel-drive version could start at around $60,000, and it should have a towing capacity of over 10,000 pounds and over 300 miles of range. The most expensive version, starting around $70,000, will have three electric motors and all-wheel drive, a towing capacity of 14,000 pounds and a range of over 500 motors. p>
Tesla typically changes prices in the middle of a model year, so those prices may change again before the end of 2023. Cybertruck buyers may be eligible for $7,500 US federal vehicle tax incentives electric.
Tesla's pickup truck launch will bring the automaker into another profitable electric vehicle segment in the United States. The Cybertruck will have to compete with electric pickup trucks like Ford's F-150 Lightning, which is available now with a starting price of around $60,000. Other upcoming pickups include the Chevrolet Silverado EV and the Rivian R1T. The Silverado EV work truck starts at $77,905 and can go 450 miles on a charge. Delivery is expected in fall 2023. The Rivian starts at $74,000, with deliveries for select versions starting this summer.
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Tesla said over the weekend that its highly anticipated first Cybertruck had rolled off the electric vehicle maker's production line in Texas. The launch of the long-delayed futuristic-looking pickup truck comes ahead of Tesla's Q2 2023 earnings call.
Tesla CEO Elon Musk first introduced the Cybertruck in 2019, but vehicle production has been repeatedly delayed. The truck was originally slated for production and delivery in 2021, but Tesla has pushed back the schedule since then, citing component supply shortages.
In July 2022, Musk set a new production schedule for summer 2023. During Tesla's first quarter 2023 earnings call, the exec also promised to hold a delivery event for the Cybertruck towards the end of the third quarter.
Musk told Tesla's annual shareholders meeting in May 2023 that the automaker could deliver between 250,000 and 500,000 units a year once production begins. Serial production is scheduled for the end of this year.
Analysts will be on the lookout on Wednesday during the automaker's second-quarter earnings call for more specific details on production, delivery and specifications.
While Tesla blamed Cybertruck delays on standard supply chain issues, leaked documents revealed other fundamental flaws in the vehicle's basic design and engineering. In January 2022, a whistleblower leaked 100GB of files to German outlet Handelsblatt that showed pre-production prototypes had serious brake, powertrain, suspension, sealing and structural issues. The report, which details Tesla's broken promises, reminds many of the Cybertruck's first reveal event, when the vehicle's designer cracked the supposedly unbreakable armored glass.
As of November 2022, the Cybertruck had over 1.5 million reservations, according to a report by Electrek. Tesla customers can deposit a refundable deposit of $100 to pre-order since 2019.
Tesla originally estimated the truck would start at $39,900 for the single-motor, rear-wheel-drive model, which would have a towing capacity of 7,500 pounds and a range of over 400 km. This model should now start at around $50,000, according to Kelley Blue Book. The dual-motor, all-wheel-drive version could start at around $60,000, and it should have a towing capacity of over 10,000 pounds and over 300 miles of range. The most expensive version, starting around $70,000, will have three electric motors and all-wheel drive, a towing capacity of 14,000 pounds and a range of over 500 motors. p>
Tesla typically changes prices in the middle of a model year, so those prices may change again before the end of 2023. Cybertruck buyers may be eligible for $7,500 US federal vehicle tax incentives electric.
Tesla's pickup truck launch will bring the automaker into another profitable electric vehicle segment in the United States. The Cybertruck will have to compete with electric pickup trucks like Ford's F-150 Lightning, which is available now with a starting price of around $60,000. Other upcoming pickups include the Chevrolet Silverado EV and the Rivian R1T. The Silverado EV work truck starts at $77,905 and can go 450 miles on a charge. Delivery is expected in fall 2023. The Rivian starts at $74,000, with deliveries for select versions starting this summer.
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