Tesla’s CEO, Elon Musk, unveiled the highly anticipated Cybertruck during a live event Thursday at the company’s Gigafactory in Austin, Texas.
This groundbreaking vehicle represents Tesla’s foray into the rapidly expanding electric pickup market, putting it in direct competition with industry giants like Ford and Rivian. M
Musk proudly touted one of the Cybertruck’s standout features—the ability to withstand bullets.
The Cybertruck is a departure from Tesla’s traditional sedans, featuring a futuristic design that includes a flatbed spanning over 6 feet and an impressive towing capacity of 11,000 pounds. Notably, the vehicle’s windows are designed to repel live bullets, showcasing Tesla’s commitment to innovation in automotive safety.
Tesla shareholders had the exclusive opportunity to apply for attendance to the reveal event, with attendees selected through a lottery system.
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The event was not all fun and games as it also brought unexpected news regarding pricing. Initially, potential buyers could secure a reservation for this cutting-edge vehicle with a refundable deposit of $100. However, contrary to earlier estimates of a $50,000 starting price, the Cybertruck’s pricing ranges from $60,990 to $99,900.
In comparison, the Ford F-150 Lightning, a key competitor, starts at $52,000, while Rivian’s quad-motor R1T pickup saw its price rise from $67,500 to $79,500 last year.
There was other disappointing news. Despite Musk’s previous claim that the top-tier model would have a range of 500 miles, it was revealed to be 320 miles, making it not quite as appealing given the charging waits verses a gasoline powered vehicle. This could also be problematic for those who enjoy driving off road.
Tesla’s journey to bring the Cybertruck to fruition has been marked by delays, with the first production candidate completed in July, four years after the initial announcement and two years behind the original production schedule. Supply chain challenges were cited by Musk as a contributing factor to the delays.
The Cybertruck’s stainless steel exterior, lauded for its resistance to dents and corrosion, is also claimed to be bulletproof, with the added feature of “armor glass.” The glass famously shattered during a demonstration mishap at the vehicle’s unveiling in November 2019 but passed muster this time around.
Musk expressed ambitious production goals for the Cybertruck, aiming for 200,000 units annually, with potential for further expansion to 250,000 by 2025. Details about the initial batch of deliveries and those planned for early 2024 remain undisclosed.
During a Tesla earnings call in October, Musk acknowledged the challenges ahead, emphasizing the need to manage expectations for the Cybertruck.
“I do want to emphasize that there will be enormous challenges in reaching volume production with the Cybertruck and then in making a Cybertruck cash flow positive,” Musk said.
“This is simply normal when you’ve got a product with a lot of new technology, or for any new vehicle program, but especially for one that is as different and advanced as the Cybertruck, you will have problems proportionate to how many new things you’re trying to solve at scale,” he continued.
“It’s a great product, but financially it will take — I don’t know — a year to 18 months before it is a significant positive cash flow contributor. I wish there was some way for that to be different, but that’s my best guess,” he said.
Musk’s production warning reflected the overwhelming demand for the Cybertruck, with over a million reservations on record.
Despite the challenges, Musk remained optimistic about the future of this groundbreaking vehicle, stating, “The demand is off the charts… we have to make it at a price people can afford—insanely difficult things.”