November 1 (Reuters) – Tesla (TSLA.O) It aims to begin mass production of its Cybertruck by the end of 2023, two years after the long-awaited pickup truck CEO Elon Musk’s initial goal announced in 2019, two people familiar with the plans told Reuters.
Tesla said last month that it was working on preparing its factory in Austin, Texas to build the new model, with “early production” starting in mid-2023. “We’re in the final round for Cybertruck,” Musk said at a conference. Consult with financial analysts.
A gradual ramp to full production in the second half of next year for the sharp-angle electric truck means Tesla won’t record revenue until early 2024 for a full quarter of production in a new model seen as key to its growth.
It also means waiting another year for the estimated hundreds of thousands of potential buyers who paid $100 to reserve a Cybertruck at one of the most anticipated and closely watched electric vehicle launches ever.
Tesla did not immediately respond to a request for comment.
It didn’t reveal the Cybertruck’s final pricing, show the production version of the vehicle, or specify how it will manage battery supply for the new model.
In 2019, Tesla had projected a starting price of under $40,000, but prices for new vehicles have since risen and Tesla has increased prices across its range.
CRACKED WINDOWS
Musk unveiled the Cybertruck in a 2019 announcement where the vehicle’s designer broke the vehicle’s supposedly unbreakable “armored glass” windows. The company pushed back the production schedule three times: from late 2021 to late 2022, then at the beginning of 2023 and this is the last Mid 2023 target For the first production.
The launch of the Cybertruck will put Tesla as an EV entrant in one of the most profitable segments of the US market and rival electric pickups like Ford Motor Co. (FN) and Rivian Automotive (RIVN.O)both still released limited edition models.
In January, Musk cited shortcomings in resource components as the reason for pushing the launch of Cybertruck to 2023.
In May, Tesla stopped taking orders for the Cybertruck outside of North America. Musk later said that the company had “more initial Cybertruck orders than we could fulfill in the three years after production began.”
Automakers often gradually ramp up production for an entirely new model like the Cybertruck.
Analysts have also warned that a weakening global economy will begin to weigh on the sales of Tesla, which has been able to sell every car it has ever produced. Musk said he expects an impending recession to last “probably until spring ’24.”
IDRA Group, the Italian company that makes the Giga Press, which will be used for die-cast parts for the Cybertruck, said in a LinkedIn post last week that the 9,000-tonne machine for truck part production has been packaged and ready to ship.
The post did not name Tesla. Tesla uses Giga Press to reduce the cost and complexity of manufacturing the Model Y, an innovation. Other automakers, including Toyota, have investigated.
Hyunjoo Jin in San Francisco, Zhang Yan in Shanghai; Written by Kevin Krolicki; Editing Muralikumar Anantharaman
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