The first Tesla Cybertruck has been made at the Austin, Texas plant, the EV giant announced Saturday on Twitter. It's a big milestone for the long-delayed EV, but a slew of questions remain, including the price.
TSLA stock rose modestly early Monday following the Cybertruck announcement.
Tesla CEO Elon Musk had said production of the Cybertruck would begin during the summer. The EV giant has already made several Cybertrucks by hand. It's not clear if the Cybertruck shown Saturday was actually made on the production line.
Mass production will start later in 2023, or perhaps not until 2024. The EV giant has said a Cybertruck delivery event would happen later this year. But significant deliveries likely won't occur until 2024.
How Much Will The Cybertruck Cost?
When Tesla first unveiled the Cybertruck in 2019 with an expected 2021 production start, it promised a highly affordable vehicle.
A single-motor version with over 250 miles of range would start at $39,900. A dual-motor variant with more than 300 miles of range would begin at $49,900. A tri-motor model with more than 500 miles of range would start at $69,900.
But Tesla removed those Cybertruck prices and specifications in October 2021 and hasn't provided new information.
Musk has said that the stainless-steel design is expensive. Also, Tesla may have been counting on big battery improvements to generate the huge range at low cost. But production of its 4680 battery cells remains constrained, and it's unclear if many of the promised Battery Day benefits and cost savings have materialized.
First Cybertruck built at Giga Texas! 🤠 pic.twitter.com/ODRhHVsd0t
— Tesla (@Tesla) July 15, 2023
Tesla Cybertruck Key For 2024
The Tesla Cybertruck will have little impact on sales in 2024, but it's a huge part of the growth story for 2024. Analysts expect Tesla earnings to fall this year amid major price cuts and discounting, but then rebound next year. That's in large part on hopes for the Cybertruck and an updated Model 3.
The Tesla Cybertruck is likely to be a largely North American vehicle.
Rival EV Pickups
The Ford F-150 Lightning has been on sale for over a year, but the price tag has risen considerably. General Motors has had the super-premium Hummer EV on the market since the end of 2021, but production remains limited. GM promises a more-affordable Chevy Silverado pickup with a hefty range will be on the market next year.
Rivian is increasing production of its R1T pickup, as well as its R1S SUV.
All of these vehicles have a traditional pickup design, as opposed to the unusual Cybertruck.
Cybertruck Hints On Tesla Earnings Call
Tesla earnings for the second quarter are due Wednesday night. Investors, analysts and prospective buyers will want more information about the Cybertruck's pricing, specs and production timeline on the Tesla earnings call.
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