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Tesla Delays Initial Production of Cybertruck to Early 2023

The delay comes as Tesla is changing features and functions of the electric pickup to make it a more compelling product as competition heats up in the segment


Tesla
People walk past a showroom outside Tesla China head office in Beijing. Photo: Reuters.

 

Tesla aims to start initial production of its much-anticipated Cybertruck by the end of the first quarter of 2023, pushing back its plan to begin production late this year, a person familiar with the matter revealed on Thursday.

The person said the delay comes as Tesla is changing features and functions of the electric pickup to make a compelling product as competition heats up in the segment.

Tesla is expected to make limited production of the Cybertruck in the first quarter of 2023 before increasing output, the source said.

The electric vehicle maker did not immediately respond to a request for comment.

Tesla makes electric sedans and sport utility vehicles but has missed out on the utility and light truck segment, which is profitable and hugely popular in America.

 

Ford, Rivian Race Ahead

Ford Motor and Rivian Automotive are ahead of Tesla in launching electric utilities.

Ford said early this month it will nearly double annual production capacity for its electric F-150 Lightning to 150,000 vehicles ahead of its arrival this northern spring at US dealers.

The Detroit stalwart’s market value breached $100 billion for the first time on Thursday when Tesla shares fell 6.7% and Rivian slumped 7.1%.

Tesla CEO Elon Musk, who unveiled the futuristic Cybertruck in 2019, had already delayed its production from late 2021 to late 2022.

 

Updated Road Map

Musk has said he will provide an updated product road map on Tesla’s January 26 earnings call.

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

Tesla recently removed a reference to its production schedule from its Cybertruck order website. Last month, the website said, “You will be able to complete your configuration as production nears in 2022.” Now “in 2022” has been omitted.

Tesla plans to produce the Cybertruck at its factory in Texas, which is expected to start production of Model Y cars early this year.

 

  • Reuters with additional editing by Sean O’Meara

 

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Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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