Tesla delays Cybertruck production launch to early 2023

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by Hyunjoo Jin

SAN FRANCISCO (Reuters) – Tesla plans to start production of its highly anticipated Cybertruck electric pickup truck by the end of the first quarter of 2023, pushing back the original target of a production start later this year, a a source familiar with the matter told Reuters on Thursday.

According to this source, this delay is due to modifications made by Tesla to its future electric pickup to make it more attractive as competition intensifies in this segment.

Tesla expects to produce the Cybertruck on a limited basis in the first quarter of 2023 before ramping up production, the source said.

Tesla did not immediately respond to requests from Reuters.

On Thursday, Tesla shares fell 6.75% on the New York Stock Exchange, the automaker having updated the page dedicated to Cybertruck on its website by removing the reference to the year 2022.

Ford, which is due to begin delivering its F-150 Lightning pickup in the spring, exceeded the $100 billion market capitalization threshold for the first time in its history on Thursday.

Elon Musk, the founder and leader of Tesla, unveiled the Cybertruck with great fanfare in 2019, the production of which had already been postponed from the end of 2021 to the end of 2022.

He had said he would provide an update on the production plan when the group’s earnings release is scheduled for Jan. 26.

“This year has been a real nightmare for the supply chain and it’s not over!” Elon Musk tweeted at the end of November, when he was asked about the Cybertruck.

Tesla plans to produce the Cybertruck at its Texas factory, where production of the Model Y SUV is soon to begin.

(Reportafe Hyunjoo Jin, Blandine Hénault for the French version, edited by Tangi Salaün)

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