Tesla to Begin Cybertruck Mass Production in 2023

UTC by Ibukun Ogundare · 3 min read
Tesla to Begin Cybertruck Mass Production in 2023
Photo: Depositphotos

As it stands, there is no specific pricing on the incoming Tesla Cybertruck. The EV maker is yet to reveal its plans to manage the battery supply of the new vehicle or show its production version.

According to familiar sources, EV maker Tesla (NASDAQ: TSLA) plans to begin mass production of its Cybertruck in the coming year. The target time is two years after the initial mark for the truck was unveiled by CEO Elon Musk. After years of delay, it appears now that Tesla is about to start work on its Cybertruck to be available in 2023.

Last month, Tesla revealed that early production of its Cybertruck would be in its Austin, Texas, plans. He confirmed during the Q3 earnings call in October that the team is “in the final lap” for the new pickup truck. As Tesla begins mass production of its Cybertruck towards the end of next year, the company will not be recording revenue until early 2023. As usual, a new model is positioned as a major ingredient to the company’s growth. At the same time, this is a further delay to customers who have shown interest in the Cybertruck and have deposited $100 for reservation.

Tesla Says Cybertruck Is Coming Next Year

As it stands, there is no specific pricing on the incoming Tesla Cybertruck. The EV maker is yet to reveal its plans to manage the battery supply of the new vehicle or show its production version. Tesla predicted an initial price of below $40,000 for the truck as of 2019. However, the new vehicles have cost higher than that price range over the past two years. The company has increased the prices of its EVs. Therefore, it is uncertain if Tesla will stick to the 2019 price projection or increase the price.

Per the battery supply, a source stated that Tesla designed Cybertruck to use its 4680 batteries. Yet, Sam Abuelsamid of Guidehouse Insights revealed that Tesla has been unable to advance the production of the in-house much-touted batteries. This means that there could be another delay period for the production of the Cybertruck- beyond the targeted 2023. Abuelsamid noted that the automaker may be to make changes to the Cybertruck batteries to conventional 2170 batteries.

Tesla has been pushing manufacturing timing for its Cybertruck for a while. Current fears are that the company may move it again from the 2023 projection. Upon a successful launch, the truck would push Tesla into one of the most profitable sectors in the US market. The company will also begin to compete with electric pickups like Rivian Automotive (NASDAQ: RIVN) and Ford (NYSE: F). These two companies have rolled out models of their electric pickups.

Following the news of the Cybertruck production timeline, Tesla shares jumped as much as 4.3%. At writing, the company’s stock is down 0.34% to $227.04 at after-hours trading.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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