Tesla completes first Cybertruck after years of delays
Tesla first announced plans to build electric Cybertruck in 2019
Still bullish on Tesla despite Barclays downgrade?
The Future Fund Managing Partner Gary Black discusses whether Tesla's 2023 stock rally will last on "The Claman Countdown."
Tesla’s first Cybertruck rolled off the electric vehicle maker’s assembly line in Austin, Texas, after production had been delayed for two years.
Tesla founder and CEO Elon Musk first announced the futuristic-looking electric pickup truck in 2019 at an event that went viral when the vehicle’s designer cracked the truck’s purportedly unbreakable "armor glass" windows during a demonstration.
In the years since the Cybertruck’s unveiling, Tesla has delayed the timing of mass production on several occasions. Last year, Musk cited supply chain shortages affecting the sourcing of components when Cybertruck production was pushed back into 2023.
TESLA CYBERTRUCK MIGHT LOSE THIS ‘ODD’ FEATURE OTHER PICKUPS HAVE
Tesla announced Saturday that its first Cybertruck was produced at its Austin, Texas, manufacturing plant. (Reuters / Jeenah Moon / Reuters Photos)
During a Tesla shareholder meeting in May, Musk said that the company is aiming to produce about 250,000 Cybertrucks a year, depending on demand.
When Musk first announced the Cybertruck in 2019, the company allowed would-be buyers to pay $100 to reserve a future Cybertruck, which then had a projected initial price of less than $40,000. The electric pickup has also undergone some design changes since it was first announced.
Following years of delays, pricing details haven’t yet been announced, and the company stopped taking orders for the vehicle from outside of North America last May.
TESLA SHARES SPIKE AS PRICE CUTS BOOST RECORD CAR DELIVERIES
A demonstration of the Tesla Cybertruck's "indestructible" glass windows went viral when the windows were damaged to Musk's amusement at the truck's 2019 unveiling. (Frederic J. Brown / AFP / File / Getty Images)
With Cybertruck’s launch, Tesla will have an EV offering in the pickup segment – one of the most profitable in the U.S. market – along with a direct competitor to the EV pickups launched by Ford and Rivian in small quantities.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 352.56 | +12.92 | +3.80% |
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
| RIVN | RIVIAN AUTOMOTIVE INC. | 10.24 | +0.22 | +2.20% |
Late last year, Reuters reported that Tesla planned to begin mass production of its Cybertruck at the end of 2023 following an "early production" phase that was set to start in the middle of 2023. The report cited two people with knowledge of the plans.
ELON MUSK, GREG ABBOTT CELEBRATE GROUNDBREAKING OF TESLA’S NEW TEXAS FACILITY
Tesla initially announced a projected price of less than $40,000 for its Cybertruck in 2019, but it's unclear what its price will be after years of delays. (Frederic J. Brown / AFP / File / Getty Images)
Tesla’s plans for putting the Cybertruck into mass production may be discussed when the company releases its second-quarter earnings results on Wednesday.
Earlier this month, Tesla announced that it delivered a record number of vehicles in the second quarter as Elon Musk’s strategy of boosting the company’s sales volume by aggressively discounting prices to stimulate demand paid off. Tesla announced 466,140 delivered vehicles in the second quarter – an increase of 10% from the prior quarter and up 83% from the same period a year ago.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Tesla’s stock price is up roughly 160% year to date as of Sunday, July 16, trading at more than $281 per share after beginning the year at $108 per share.
FOX Business’ Gary Gastelu and Julia Musto and Reuters contributed to this report.