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Elon Musk Confirms Tesla Cybertruck Spot At Giga Texas But Falls Short Of Giving Timeline On Production

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Elon Musk Confirms Tesla Cybertruck Spot At Giga Texas But Falls Short Of Giving Timeline On Production

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on Thursday took to social media site Twitter to confirm the sighting of its highly-anticipated EV, Cybertruck, at the upcoming Gigafactory Texas where it will be built but stopped short of spelling out the exact production timelines.

What Happened: Musk was responding to a tweet on Cybertruck sighting at the upcoming Texas facility to confirm that it was indeed the production site. The unconventional, triangle-shaped pickup truck was unveiled in 2019 and production is reportedly expected to begin in June.

The Cybertruck started taking pre-order bookings in November 2019 and Musk had last year at its Battery Day event estimated that there are between half a million and 600,000 customers on the waitlist for its electric vehicle pickup truck. In comparison, Tesla delivered about half a million vehicles in 2020.

See Also: Tesla Analyst Estimates 'Staggering' 650K Cybertruck Preorders

According to Tesla, the unconventional-looking Cybertruck has the best of both worlds  — better utility than a truck and better performance than a sports car.

“If we get lucky, we'll be able to do a few deliveries toward the end of this year, but I expect volume production to be in 2022,” Musk had said in January in a post-earnings call with analysts. 

The Cybertruck is planned to be built at Tesla's Gigafactory Texas, which is under construction in Austin, Texas. Reportedly employees working on this line were asked to prepare to move to Texas in June to begin work. 

Why It's Important: Tesla and CEO Elon Musk have faced criticism for being behind on deadlines. The company however aims to have its upcoming Texas factory up and running by the end of 2021. 

The Giga Texas, as it's popularly known, is planned to be the main factory for the Tesla Cybertruck and the Tesla Semi. It will also produce Model 3 and Model Y cars.

See also: How to Invest in Tesla Stock

Musk said in a separate tweet late Thursday that limited production of Model Y is expected to begin at both Texas and Berlin gigafactories, with high-volume production following next year.

Price Action: Tesla shares closed 0.9% higher at $738.85 on Thursday.It has a 52-week high of  $900.40 and low of $134.76.

Read Next: Elon Musk Offered The Tesla CEO Job To Now-Volkswagen-CEO Herbert Diess: Report

Photo: Courtesy of Tesla

 

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