SAN FRANCISCO: Tesla Inc. aims to begin initial production of its much-anticipated Cybertruck by the end of the first quarter of 2023, pushing ahead with its plan to begin production later this year, a person familiar with the matter told Reuters on Thursday. told.
The person said the delay is because Tesla is tweaking the features and functions of the electric pickup to make it a compelling product as competition in the segment grows.
The source said Tesla expects to have limited production of the Cybertruck in the first quarter of 2023 before ramping up production.
Tesla did not immediately respond to a request for comment.
The world’s top electric car maker, Tesla makes electric sedans and sport utility vehicles, but has missed out on the pickup truck segment, which is profitable and hugely popular in the US.
Ford Motor Company and Rivian Automotive are ahead of Tesla in launching electric pickups.
Ford said earlier this month it would nearly double annual production capacity for its red-hot F-150 Lightning electric pickup, which will be up to 150,000 vehicles, before arriving at US dealers this spring.
Ford’s market cap exceeded $100 billion for the first time on Thursday when shares of Tesla fell 6.7% and Rivian fell 7.1%.
CEO Elon Musk, who unveiled the futuristic vehicle in 2019, had already delayed its production from late 2021 to the end of 2022.
Musk has said he will provide an updated product road map at Tesla’s January 26 earnings call.
“Oh man, this year has been such a supply chain nightmare and it’s not over!” He tweeted in late November, when asked about Cybertruck.
Tesla recently removed reference to its production schedule from its Cybertruck orders website. Last month, the website said, “You will be able to complete your configuration as production in 2022.” Now “in 2022” has been omitted.
Tesla plans to produce the Cybertruck at its factory in Texas, which is expected to begin production of Model Y cars earlier this year.
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