Tesla delays Cybertruck production to 2023

Tesla delays Cybertruck production to 2023

Tesla's Cybertruck is displayed in Manhattan's Meatpacking District in New York City, U.S. May 8, 2021. The company said on Wednesday that Tesla Inc. TSLA.O will delay production of its much-awaited Cybertruck, which is due to start in 2023, at a time when legacy automakers and startups are doubling down on efforts to capture the lucrative market.

The electric-vehicle maker reported record quarterly revenue and 2022 deliveries growing more than 50% despite supply chain issues, as a result of a Reuters report earlier this month. Elon Musk, who unveiled the futuristic vehicle in 2019, had already delayed its production from late 2021 to late 2022, according to Chief Executive Officer Elon Musk. The pickup web page had stopped referring to the production schedule.

We will not be introducing new vehicle models this year. Musk said on a call with analysts that it wouldn't make sense because we'll still be parts constrained.

We will probably have to do a lot of engineering and tooling to create those cars, Cybertruck, Semi, Roadster, Optimus robot and so on and we will be ready to bring those to production next year. He said that is most likely.

Tesla, which began making electric vehicles with the premium sedan, Model S, later introduced a more affordable car, Model 3, missed out on the highly profitable pickup truck segment, which is currently dominated by fuel-guzzling vehicles from legacy automakers.

Ahead of the earnings, Musk tweeted on Tuesday that he had been driving the latest Cybertruck prototype around the new Gigafactory in Austin, Texas. It's awesome Meanwhile, Ford Motor Co F.N and Rivian Automotive RIVN.O have raced ahead of Tesla in launching electric pickups. Rivian has started deliveries of its R 1 T pickup truck, while Ford is about to start deliveries of its F-150 Lightning electric pickup in spring this year.

General Motors' GM.N Silverado electric pickup, unveiled earlier this year, will begin production in 2023.

The Reuters report says that Tesla is changing features and functions of the electric pickup to make a compelling product.