Tesla (TSLA) Plans Mass Production of Cybertruck by End of 2023

According to an exclusive story by Reuters today, citing two people familiar with the matter, Tesla (NASDAQ: TSLA) is planning to start mass production of its Cybertruck at the end of 2023.

Tesla said last month that it was working on readying its Austin, Texas plant to build the new model with “early production” set to start in the middle of 2023. “We’re in the final lap for Cybertruck,” Musk told a conference call with financial analysts.

The electric vehicle company has not announced final pricing on the Cybertruck. In 2019, Tesla had projected an initial price of under $40,000, but prices for new vehicles have shot higher since then and Tesla has raised prices across its lineup. Tesla has also failed to show a production version of the vehicle or specified how it will manage the battery supply for the new model.

In January, Musk had cited shortages in sourcing components as the reason for pushing the launch of Cybertruck into 2023. In May, Tesla stopped taking orders for the Cybertruck outside North America. Musk said then the company had "more orders of the first Cybertrucks than we could possibly fulfill for three years after the start of production."

The launch of the Cybertruck will give Tesla an EV entrant in one of the most profitable segments of the U.S. market and a competitor to electric pickups from the likes of Ford (NYSE: F) and Rivian Automotive (NASDAQ: RIVN), both of which have launched models in still-limited numbers.

Shares of TSLA are up 2.01% in pre-market trading on Tuesday.

By Michael Elkins | [email protected]

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