Tesla announces first Cybertruck build ahead of Q2 earnings – Over the weekend, Tesla said its first highly anticipated Cybertruck came off the Tesla electric vehicle production line in Texas. The introduction of the long anticipated, techy-looking pickup truck comes ahead of Tesla’s second-quarter 2023 earnings call.
The Cybertruck was first introduced by Tesla CEO Elon Musk in 2019, however, since then vehicle production has been repeatedly delayed. The initially scheduled for both the production and delivery of the truck was in 2021, but subsequently, Tesla pushed back the timing since then, citing shortages in sourcing components.
Musk announced a new production timetable for summer 2023 in July 2022. During Tesla’s first-quarter 2023 earnings call, Musk also announced a Cybertruck delivery event towards the end of Q3.
During Tesla’s 2023 annual shareholder’s meeting in May, Musk stated that Tesla could deliver between 250,000 to 500,000 units per year once production commences. The start of mass production is planned for the end of this year.
As expected several analysts will be watching. For more information on manufacturing, delivery, and specifications, tune in to the automaker’s Q2 earnings call on Wednesday.
While Tesla has blamed Cybertruck delays on regular supply chain concerns, stolen documents have exposed additional fundamental defects in the vehicle’s core architecture and engineering. In January 2022, a whistleblower disclosed 100 GB of files to the German publication Handelsblatt, revealing that preproduction prototypes had major braking, powertrain, suspension, sealing, and structural concerns. The story, which showed Tesla’s unfulfilled claims, reminded many of the initial Cybertruck unveiling events when the vehicle’s creator smashed the apparently indestructible armor glass windows.
According to an Electrek estimate, the Cybertruck had over 1.5 million reservations as of November 2022. Since 2019, Tesla buyers have been able to pre-order their vehicles with a $100 refundable deposit.
According to the initial estimate, Tesla anticipated that the truck would start at $39,900 for the single-engine, rear-wheel drive model with a towing capability of 7,500 pounds and a range of more than 250 miles. According to Kelley Blue Book, that model will now start at about $50,000. The dual-motor, all-wheel drive version may start at about $60,000 and have a towing capability of more than 10,000 pounds and a range of more than 300 miles. The most expensive model, which will cost about $70,000, will have three electric motors and all-wheel drive, a towing capacity of 14,000 pounds, and a battery range of more than 500 miles.
Prices are typically changed in the middle of a model year by Tesla, so they may change these prices again before the end of 2023. Cybertruck purchasers may be eligible for the $7,500 federal EV tax credit in the United States.
Tesla’s pickup truck debut will introduce the manufacturer to yet another profitable EV niche in the United States. The Cybertruck will have to compete with electric pickups such as Ford’s F-150 Lightning, which is currently available for roughly $60,000. The Chevrolet Silverado EV and the Rivian R1T are two more forthcoming pickups. The Silverado EV Work Truck starts at $77,905 and has a range of 450 miles. Delivery is scheduled for the fall of 2023. The Rivian starts at $74,000, with specific trims going on sale this summer.