Tesla Inc. will delay production of its much-anticipated Cybertruck, which aims to start in 2023, the company said on Wednesday, at a time when legacy automakers and startups are doubling down on efforts to capture the lucrative market.
The announcement confirms a Reuters report from earlier this month and the power-automaker reported record quarterly revenue and 2022 deliveries growing more than 50% despite supply chain issues.
Chief executive Elon Musk, who unveiled the futuristic vehicle in 2019, had already delayed its production from late 2021 to the end of 2022. The pickup’s web page recently stopped mentioning the production schedule.
“We will not introduce new vehicle models this year. It wouldn’t make sense because we would still be constrained in some parts,” Musk said on a call with analysts.
“However, we will do a lot of engineering and tooling and what not to make those vehicles, Cybertruck, Semi, Roadster, Optimus (robot), and hopefully next year, we can get ready to put into production. Chances are,” he said.
Tesla, which began making electric vehicles with the premium sedan, the Model S, and later introduced a more affordable car, the Model 3, missed out on the highly profitable pickup truck segment, which currently houses the fuel-intensive vehicles of legacy automakers. is in dominance.
Ahead of earnings, Musk tweeted Tuesday that he’s driving the latest Cybertruck prototype around the new Gigafactory in Austin, Texas, saying “It’s awesome.”
Meanwhile, Ford Motor Company and Rivian Automotive have overtaken Tesla in launching electric pickups. Rivian has begun deliveries of its R1T pickup truck, while Ford is set to begin deliveries of its F-150 Lightning electric pickup in the spring of this year.
General Motors’ Silverado electric pickup, unveiled earlier this year, will begin production in 2023.
The delay comes as Tesla is tweaking the features and functions of the electric pickup to make it a compelling product, as Reuters reports.
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