Tesla announced that its highly anticipated Cybertruck has rolled off the production line in Texas. This comes just before Tesla’s earnings call for the second quarter of 2023.
The Cybertruck was initially introduced by Tesla CEO Elon Musk in 2019, but production has faced repeated delays due to component sourcing shortages. The truck was originally scheduled to be produced and delivered in 2021.
In July 2022, Musk set a new production schedule for summer 2023 and promised a delivery event for the Cybertruck at the end of Q3 during Tesla’s first quarter earnings call. Musk also stated that once production begins, Tesla could deliver between 250,000 to 500,000 units per year, with mass production scheduled for the end of this year.
Analysts are eagerly awaiting Tesla’s Q2 earnings call for more information on production, delivery, and specifications.
While Tesla has attributed Cybertruck delays to supply chain issues, leaked documents have revealed fundamental flaws in the vehicle’s design and engineering. In January 2022, leaked files showed serious issues with braking, powertrain, suspension, sealing, and structure of preproduction prototypes. This raised concerns and reminded people of the first Cybertruck reveal event when the supposedly unbreakable armor glass windows cracked.
As of November 2022, the Cybertruck had over 1.5 million reservations. Customers have been able to pre-order with a $100 refundable deposit since 2019.
The original estimated starting price for the Cybertruck was $39,900 for the single motor and rear-wheel drive model. However, the price is now expected to start at around $50,000 for that model, with the dual-motor, all-wheel drive version starting at around $60,000 and the priciest version starting at around $70,000.
Tesla’s entry into the pickup truck market will pit it against competitors like Ford’s F-150 Lightning, Chevrolet Silverado EV, and Rivian R1T. The Cybertruck will need to compete with these electric pickups in the profitable EV segment in the US.