Tesla's Cybertruck rolls off production line

The debut of the long-awaited futuristic pickup truck comes just ahead of Tesla's second-quarter earnings call for 2023.

Initially unveiled by CEO Elon Musk in 2019, the Cybertruck has faced multiple production delays. Originally scheduled for production and delivery in 2021, Tesla had to adjust its timeline due to component sourcing challenges and other supply chain issues.

In July 2022, Musk set a new production schedule for summer 2023 and promised to host a delivery event for the Cybertruck towards the end of the third quarter. At the 2023 annual shareholder's meeting in May, Musk expressed confidence in the potential annual production volume of the Cybertruck, estimating between 250,000 and 500,000 units once mass production begins later this year.

Despite all challenges, the Cybertruck has garnered significant attention and demand, with over 1.5 million reservations as of November 2022. Customers have been able to pre-order the vehicle with a $100 refundable deposit since 2019.

Originally priced at an estimated $39,900 for the single motor and rear-wheel drive model, Tesla has adjusted the expected starting price to around $50,000. The dual-motor, all-wheel drive version is anticipated to start at approximately $60,000, while the top-tier model with three electric motors and all-wheel drive is projected to begin around $70,000. These prices are subject to change as Tesla typically adjusts pricing during a model year.

The launch of the Cybertruck represents Tesla's entry into the profitable electric pickup truck segment in the United States. The Cybertruck will face competition from other electric pickups such as Ford's F-150 Lightning, Chevrolet's Silverado EV, and the Rivian R1T.