Tesla is set to release its initial batch of Cybertrucks to customers this week, marking four years since CEO Elon Musk first introduced the steel-clad, electric vehicle to the automotive world.
Touted by Musk as a bulletproof, high-performance vehicle, Tesla started accepting pre-orders for the Cybertruck in 2019 with the commitment to begin production in 2021. The pandemic caused delays, but Tesla ultimately completed its first Cybertrucks in July.
The arrival of the Cybertruck comes at a time when automakers like Ford, General Motors, and Toyota are striving to lower the cost of their electric vehicles in order to appeal to a broader audience. To further attract car buyers, automakers have joined forces to expand the number of EV charging stations across the United States.
Americans are on pace to purchase one million EVs this year, a first in the history of the vehicle segment, according to Cox Automotive.
Tesla is planning a celebration on Thursday to commemorate the official arrival of the Cybertruck at its manufacturing plant in Austin, Texas. To prepare for the event, here are a few key facts to know about the Cybertruck.
What Makes the Cybertruck Unique?
Tesla, known for its sleek sedans like the Model S and Model X, has ventured into the pickup truck market with its latest creation: the Cybertruck. This electric truck stands out from Tesla's sedans with its distinctive features.
When it comes to power, the Cybertruck boasts an impressive towing capacity of over 14,000 pounds and can accelerate from 0 to 60 miles per hour in under 3 seconds, according to Tesla. Inside, the vehicle can accommodate six passengers and includes a 17-inch touchscreen navigation system for the driver.
The Cybertruck's exterior features shatter-proof "armor glass" windows and a trapezoid-like body made of a stainless steel alloy, giving it a futuristic appearance reminiscent of a cyberpunk film.
"The Cybertruck's sturdy external steel is designed to prevent dents, damage, and long-term corrosion. Additionally, it is bulletproof, providing added security," noted analysts from Wedbush Securities in a recent research note.
How Much Will It Cost?
Tesla has been tight-lipped about the exact pricing details. Initially, the company announced three versions of the Cybertruck: a single motor, dual motor, and tri-motor, with prices ranging from approximately $40,000 to $70,000. However, Tesla has since removed the pricing information from the webpage where customers could pre-order the vehicle.
Analysts from Wedbush predict that the single motor model will fall within the $50,000 range, while the dual and tri-motor models are expected to be priced between $60,000 and $80,000. Tesla is likely to reveal updated pricing details on Thursday, according to the Wedbush analysts.
Where can I buy a Cybertruck?
At least for now, the Cybertruck will only be available online through pre-order. But even through pre-order, it may be tough to get your hands on one in the immediate future. Musk said last month that it will take time to bring the Cybertruck to full-scale production because it's "one of those special products that comes along only once in a long while."
"And special products that come along once in a long while are just incredibly difficult to bring to market to reach volume, to be prosperous," Musk said during a Q3 earnings call in October, the Verge reported.
Tesla will likely produce only between 2,000 and 3,000 Cybertrucks in Q4 of 2023, Wedbush said. Production will probably reach 10,000 units in the first half of 2024.
Why is the Cybertruck so important to Tesla?
The Cybertruck marks Tesla's entry into a lucrative segment within the electric vehicle market: full-sized pickup trucks.
Sales and demand for EV pickups has been on the rise since late 2020, according to Cox data. This year, the Ram 1500 Rev is garnering the most attention, followed by Ford's F-150 Lightning, the Chevrolet Silverado EV, then GMC's Hummer EV and Rivian's R1T, according to Cox.
Tesla's long-term growth depends on the company being able to offer different types of vehicles "as more consumers head down the EV path over the coming years," Wedbush analysts said.
"While Cybertruck does not significantly move the financial needle for Tesla in fiscal year 2024, it further shows the innovation and mind share lead that Tesla has built with many original equipment manufacturer competitors around the world still on the treadmill stuck in neutral," Wedbush said in its note.
