Tesla CEO Elon Musk stole the show when he unveiled details about the company’s innovative Cybertruck in Austin, Texas, just a day after his eccentric appearance at the DealBook Summit in New York where he claimed, “It will be the biggest product launch of anything by far on Earth this year.”
In a dimly lit event space at the company’s headquarters, Musk enthralled attendees by saying, “What we have here is a better truck than a truck, while also being a better sports car than a sports car in the same package.”
Musk showcased the Cybertruck’s bulletproof steel body, “rock-proof” windows, ability to tow over 11,000 pounds, 0 to 60 miles per hour acceleration in 2.6 seconds, and a “super-tough” composite bed that’s six feet long and four feet wide. He emphasized that the vehicle would revolutionize the roads, and that “the future finally looks like the future.”
The Tesla CEO withheld direct pricing and battery range details for the Cybertruck. However, Tesla’s website later revealed that the rear-wheel drive base model is now priced significantly higher than the initial $40,000 target.
Several “production Cybertrucks” were then presented to elated customers who drove away in them.
During an earnings call in October, Musk cautioned about “enormous challenges” in reaching volume production with the Cybertruck and making it cashflow positive. He acknowledged “unique challenges” in producing and bringing the truck to market.
According to Tesla’s website, the company plans to sell the rear-wheel drive base model version of the Cybertruck for an estimated $60,990, with other versions priced higher. Deliveries to customers are expected to begin in 2024 and 2025.
Tesla first unveiled the Cybertruck in November 2019, claiming that production would start in 2021 with a much lower starting price. The company began taking reservations for the vehicle, ultimately receiving over a million reservations since its debut. Customers now need to put down $250 to proceed with a Cybertruck order.
Rivals like Ford, General Motors, and Rivian have also entered the electric pickup truck market, offering competition to Tesla. However, it remains to be seen how the market will respond to these new offerings.
Tesla shares closed marginally lower on Thursday and remained flat after hours.
— CNBC’s Mike Wayland contributed to this report.
Correction: This story was updated to reflect the years in which Tesla plans to start deliveries of different Cybertruck variants to customers.
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