Tesla ( TSLA Quick Quote TSLA - Free Report) CEO Elon Musk recently confirmed that the production of its upcoming electric pickup truck Cybertruck is deferred to late 2022.
A couple of years ago in 2019, Cybertruck was first announced by Tesla, initially scheduled to hit the roads by the end of 2021, making it the first electric pickup truck to foray into the markets.
The wedge-shaped pickup is available in three models. The Single Motor RWD variant of the Cybertruck claims to have more than 250 miles of range on a single recharge and the ability to reach 60 mph in less than 6.5 seconds. Its pricing band starts at $39,900. Cost of the Dual Motor AWD model begins at $49,900 and flaunts a range of more than 300 miles on a single recharge and an ability to achieve up to 60 mph in less than 4.5 seconds. The Tri Motor configuration, the most expensive variant, commencing at a price of $69,900 claims to travel above 500 miles on a single charge and can reach 60 mph within 2.9 seconds.
Over the last year, numerous incidents cropped up to suggest that the Cybertruck timeline is on shaky grounds. It is only recently that Tesla concluded the engineering design of the electric pickup truck.
In April, Musk informed that both the Cybertruck and the Semi will be powered by new, larger battery cells that the company is making on a pilot line in California. However, he alerted that the mass manufacturing of those cells will roughly take 12 to 18 months more. Moreover, Musk warned of Tesla’s potential threats in Cybertruck production due to features like the steel exoskeleton body, which requires entirely newfangled production methods.
Despite these clues, Tesla was reluctant in officially confirming a delay from the original release date and maintained the initial timeline on its second-quarter 2021 earnings call as well.
On its last investors’ call, the electric vehicle (EV) king clarified that the Cybertruck production will commence at the Gigafactory in Texas post Model Y manufacturing, which is set to initiate at the same site by this year end. This is another reason behind Cybertruck’s launch postponement. Musk also confirmed that due to the new and innovative technology required in the electric pickup truck, the company does not expect a production ramp-up and anticipates volume recognition from the same as late as the end of 2023. But to avoid investors’ disappointment, Musk took the opportunity to create a positive buzz about the upcoming Cybertruck and said: “It will be a special project. Like a glitch in the Matrix. Like if Neo had a car.”
Amid the heightened race to bring electric pickups to the U.S. market, Cybertruck has been a much-awaited product so far for the Tesla fans. However, its unveiling falling roughly a year behind schedule does not come as a major surprise as this is not the first time that the EV maker faltered in meeting promised deadlines. Recently, Musk tweeted that the company is adjourning deliveries of the new version of its electric car Roadster until 2023. This high-performing EV, which was supposed to be rolled out in 2020, was postponed on account of supply-chain disruptions. Musk also notified that the company’s upcoming $25K model is most likely to be launched in 2023.
Tesla, which shares space with
General Motors ( GM Quick Quote GM - Free Report) , Ford ( F Quick Quote F - Free Report) and Volkswagen ( VWAGY Quick Quote VWAGY - Free Report) , currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.