Tesla is commencing deliveries of its long-anticipated Cybertruck electric pickup, priced starting at $60,990. Elon Musk, Tesla’s CEO, acknowledged challenges in ramping up production of the “radical” product, tempering investor expectations. Positioned as Tesla’s first new model in nearly four years, the Cybertruck holds significance for the company’s reputation as an innovator. While facing increased competition and softening electric vehicle demand, Tesla aims to leverage Cybertruck for sales, albeit not reaching the volume of its Models 3 and Y.
Musk admitted that Cybertruck presented challenges, projecting it would take a year to 18 months for the vehicle to contribute significantly to cash flow. The starting price of $60,990 is over 50% higher than Musk’s 2019 estimate, potentially targeting affluent buyers initially. The truck features a stainless steel body with flat planes, inspired in part by a car-submarine from the 1977 James Bond movie, ‘The Spy Who Loved Me.’
At the launch event in Austin, Texas, Musk drove the Cybertruck on stage, emphasizing its design and showcasing a video of it towing a Porsche 911. However, Tesla shares fell 1% in extended trading.
The highest-performance variant, dubbed the “Cyberbeast,” and all-wheel-drive versions are estimated to start at about $100,000 and $80,000, available next year. The rear-wheel-drive version, with an estimated starting price of about $61,000, is expected in 2025.
Musk’s profanity-laced interview with the New York Times raised attention on various topics, including advertisers leaving his social media platform, X (formerly Twitter). Tesla’s chief designer previously demonstrated the Cybertruck’s ‘armor glass,’ which shattered, contributing to the truck’s complexity and production challenges.
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The Cybertruck enters a competitive pickup truck market, challenging rivals like Ford’s F-150 Lightning, Rivian Automotive’s R1T, and General Motors’ Hummer EV. While drawing over a million reservations with $100 deposits, experts note the Cybertruck’s narrower appeal compared to traditional pickup trucks, emphasizing Tesla’s focus on innovation.”
