Tesla, Inc. has announced the completion of its first Cybertruck build, marking a significant milestone for the electric vehicle manufacturer. The long-awaited pickup truck, first introduced by CEO Elon Musk in 2019, has faced multiple delays in production due to component sourcing issues and design flaws.
The Cybertruck was initially scheduled for production and delivery in 2021, but Tesla has pushed back the timeline several times. However, the recent announcement of the first build indicates progress in bringing the futuristic-looking vehicle to market.
During Tesla’s first quarter 2023 earnings call, Musk promised to host a delivery event for the Cybertruck towards the end of Q3. Analysts will be eagerly awaiting further details on production, delivery, and specifications during the upcoming Q2 earnings call.
Despite the delays, the Cybertruck has garnered significant interest, with over 1.5 million reservations as of November 2022. Tesla customers have been able to pre-order the vehicle with a $100 refundable deposit since 2019.
Originally priced at $39,900 for the single motor and rear-wheel drive model, the Cybertruck’s starting price is now expected to be around $50,000. The dual-motor, all-wheel drive version could start at approximately $60,000, while the top-tier model with three electric motors and all-wheel drive is expected to start at around $70,000.
Competing in the growing electric pickup truck market, the Cybertruck will face rivals such as Ford’s F-150 Lightning, Chevrolet’s Silverado EV, and Rivian’s R1T. Tesla’s entry into this segment is expected to further solidify its position as a leader in the electric vehicle industry.
Tesla’s success in the EV market has contributed to its status as one of the world’s most valuable companies. As of 2023, Tesla is the world’s most valuable automaker, with a market capitalization that surpasses other industry giants.
In addition to electric vehicles, Tesla also designs and manufactures stationary battery energy storage devices, solar panels, and solar roof tiles. The company’s subsidiary, Tesla Energy, is a major installer of photovoltaic systems in the United States and a global supplier of battery energy storage systems.
Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla Motors was named in honor of inventor Nikola Tesla. Elon Musk became the company’s largest shareholder in 2004 and assumed the role of CEO in 2008. Tesla’s mission is to accelerate the transition to sustainable transport and energy through the use of electric vehicles and solar power.