Tesla's highly anticipated Cybertruck has finally begun production at the company's assembly line in Austin, Texas, after facing a two-year delay. The futuristic electric pickup truck was first unveiled by Tesla CEO Elon Musk in 2019, during an event that gained widespread attention when the vehicle's supposedly unbreakable "armor glass" windows were cracked during a demonstration.
Since its unveiling, Tesla has faced multiple delays in the mass production of the Cybertruck, with supply chain shortages being cited as a major factor. Last year, Musk announced that production would be pushed back to 2023 due to these issues.
During a Tesla shareholder meeting in May, Musk stated that the company aims to produce around 250,000 Cybertrucks per year, depending on demand. The initial price of the Cybertruck, which had been projected to be under $40,000, has not yet been confirmed. Tesla had allowed interested buyers to reserve a Cybertruck by paying $100, but the company stopped taking orders from outside of North America in May.
With the launch of the Cybertruck, Tesla will enter the profitable pickup segment of the U.S. market, competing directly with electric pickups from Ford and Rivian. Tesla's Cybertruck aims to be a game-changer in the electric vehicle industry, offering a unique design and features.
Tesla's stock price has seen significant growth this year, increasing by approximately 160% since the beginning of the year. The company's strategy of aggressively discounting prices to stimulate demand has paid off, as evidenced by the record number of vehicle deliveries in the second quarter. Tesla delivered 466,140 vehicles in Q2, a 10% increase from the previous quarter and an 83% increase from the same period last year.
It remains to be seen how the launch of the Cybertruck will impact Tesla's overall performance and market position. Investors and industry experts will be eagerly awaiting the company's second-quarter earnings results, which may shed light on Tesla's plans for mass production and pricing details of the Cybertruck.