Tesla delays initial production of Cybertruck to early 2023

Image Credit: Jinnah Moon / Reuters

Tesla Inc (TSLA.O) aims to begin early production of its long-awaited cybertruck by the end of the first quarter of 2023, moving ahead with plans to start production later this year, a person familiar with the matter told Reuters on Thursday.

He said delays occur when Tesla changes the features and functions of the electric pickup and makes it an attractive product as competition in the segment increases.

Tesla is expected to have limited production of cybertruck in the first quarter of 2023 before increasing production, the source said.

Tesla did not immediately respond to a request for comment. Tesla, the world’s largest electric car maker, manufactures electric sedans and SUVs, but has lost the pickup truck segment, which is profitable and hugely popular in the United States.

Ford Motor Co (FN) and Rivian Automotive (RIVN.O). Tesla is ahead in launching electric pickups.

Ford said earlier this month that it would nearly double the annual production capacity of its red-hot F-150 lightning electric pickup to 150,000 vehicles at US dealers this spring.

Ford’s market value peaked at $ 100 billion for the first time on Thursday, with shares of Tesla down 6.7% and Revian 7.1%.

CEO Elon Musk, who unveiled the Future Vehicle in 2019, has already delayed production from the end of 2021 to the end of 2022.

Musk said it would provide an updated product roadmap for Tesla during the earnings call on January 26.

“Oh man, this year has been such a nightmare for the supply chain and it’s not over yet!” He tweeted in late November when asked about Cybertruck.

Tesla recently removed a reference to its production schedule from its Cybertruck Order website. Last month, the website said, “As production approaches in 2022, you’ll be able to complete your setup.” Now “in 2022” is ignored.

Tesla plans to manufacture Cybertruck at its plant in Texas, which will begin production of the Model Y car earlier this year.

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