Elon Musk Gives Important Tesla Cybertruck Production Update: 'It Is Incredible'

Zinger Key Points
  • Tesla's Cybertruck by Elon Musk's admission is an incredible product.
  • The electric pickup truck will likely give a big boost to volumes when it fully ramps up.

Tesla Inc.’s TSLA yet-to-be-launched Cybertruck has evinced a lot of interest among customers and is touted as the next big thing in electric vehicles.

What Happened: Tesla CEO Elon Musk on Wednesday said he just reviewed the production beta Cybertruck. He paid the highest compliment to it and said, “It is incredible.”

Musk’s update on Cybertruck came in response to a tweet by one of his followers, who said, “Cybertruck will be my personal vehicle.”

On the fourth-quarter earnings call, Musk said the Cybertruck will not significantly contribute to the bottom line in 2023 but will do so in 2024. While the EV will likely go into production this summer, volume production will actually happen next year, Musk added. He raved about it and said, “So, it’s an incredible product. I can’t wait to drive it personally.”

Why It’s Important: The Cybertruck, with a unique angular design and a steel body, was unveiled in 2019 and the start-of-production has faced multiple delays since then.

Photos shared by drone operator and Giga Austin observer Joe Tegtmeyer recently have shown a large number of IDRA Giga Press parts being delivered to the factory premises, raising hopes that production would start soon. The Giga Press is used to make the rear underbody of the Cybertruck.

Deepwater Asset Management’s Gene Munster said in his tech predictions for 2023 that Cybertuck sales will likely be around 80,000 units but would trail Ford Motor Co.’s F F-150 Lightning EV pickup truck sales. When fully ramped in 2024, Cybertuck sales would outperform that of F-150 Lightning truck, he added.

Price Action: In premarket trading on Wednesday, Tesla shares were up 0.10%, at $173.40, according to Benzinga Pro data.

Read Next: Tesla Boosts Headcount By 29% In 2022 Despite Fundamental Challenges, Tech Industry-Wide Mass Layoffs

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Posted In: NewsTechelectric vehiclesElon MuskEVsFord F-150 LightningTesla Cybertruck
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