Elon Musk, the CEO of Tesla, talked about the new Cybertruck in Austin, Texas. This happened after he had a strange interview in New York where he said it would be the biggest product launch of the year.
At Tesla’s headquarters, in a dimly lit space, Musk excitedly told the audience that the Cybertruck is not just a great truck but also a better sports car, all in one package.
Musk mentioned that the Cybertruck has a tough steel body that’s bulletproof, and its windows are very strong. He highlighted its towing capacity, fast acceleration, and a sturdy bed. Musk said the Cybertruck would transform the appearance of roads and make the future feel futuristic.
However, he didn’t share the exact price or how far it can go on a single charge. Later, Tesla’s website showed that the starting price for the basic Cybertruck model is now about 50% higher than the initially targeted $40,000, without considering tax breaks or other incentives.
Afterward, he handed over several “production Cybertrucks” to delighted customers who drove off in them.
Tesla’s Cybertruck: Production Challenges and Pricing Details
During an earnings call in October, Musk sounded more careful, mentioning significant challenges in achieving large-scale production of the Cybertruck and making it financially successful. He acknowledged that there were unique difficulties in bringing this particular truck to the market, saying they essentially created difficulties for themselves with the Cybertruck.
As per Tesla’s website, the starting price for the basic rear-wheel drive Cybertruck is around $60,990. They’re also offering a “Cyberbeast” version for $99,990, and deliveries for both of these models will begin next year. Additionally, Tesla plans to release an all-wheel drive Cybertruck in 2025 for $79,900, according to the company’s website.
The basic rear-wheel drive Cybertruck is expected to have a battery range of 250 miles, accelerate from 0 to 60 miles per hour in 6.5 seconds. On the other hand, the all-wheel drive version is projected to have a range of 340 miles, go from 0 to 60 miles per hour in 4.1 seconds, and reach a top speed of 112 miles per hour. The top-tier Cyberbeast is anticipated to have the fastest acceleration, a range of approximately 320 miles, and a top speed of 130 miles per hour.
The Evolution of Tesla’s Cybertruck
Tesla revealed the Cybertruck in November 2019, showcasing its unique angular and unpainted hard steel body. Initially, they announced that production would commence in 2021, with a starting price of $39,900 for the rear-wheel drive version and approximately $69,000 for the top-tier tri-motor version. These prices were much lower than the ones Tesla announced recently.
After the unveiling, Tesla started accepting $100 refundable “reservations” for the Cybertruck and reported receiving over a million reservations. To proceed with a Cybertruck order now, customers are required to make a $250 deposit, according to the Tesla website.
Even though Tesla introduced the Cybertruck design in 2019, actual production didn’t begin until July of this year.
Meanwhile, other companies like Ford, General Motors, Rivian, BMW and Mercedes have already started selling their more practical electric pickup trucks. Just recently, Rivian, which exclusively produces battery electric vehicles like Tesla, introduced a leasing option for certain models of its all-electric R1T pickup truck.
The growth of the U.S. electric pickup truck market hasn’t been as rapid as anticipated when the Cybertruck was first revealed. Some startups have introduced vehicles to the market, but not all have been successful, like Lordstown Motors. Both GM and Ford have revealed plans to scale back, delay, or even cancel electric vehicle (EV) products and investments, including those related to EV trucks.
Tesla’s stock closed around 2% lower on Thursday and remained unchanged after trading hours.
Summary
Elon Musk revealed Tesla’s Cybertruck with big promises in Austin, stressing its special features. But, challenges in making and pricing it came up. Despite initial reservations and a delay in production, Tesla is up against tough competition in the electric truck market. The industry’s growth isn’t as predicted, affecting Tesla’s stock.
