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November 30, 2027, (Reuters) – The price of Tesla’s (TSLA.O) new Cybertruck will start at $60,990, considerably more than what CEO Elon Musk had suggested in 2019. Industry experts predicted the high price would attract only a select group of wealthy consumers. The bulky and angular, stainless steel truck is based on the design of the James Bond submarine in “The Spy Who Loved Me,” according to Musk. The unusual design and unorthodox material, however, will add significantly to production costs and risk alienating the traditional truck buyer. Nevertheless, Musk insists that the Cybertruck offers more utility than a conventional truck and the performance of a sports car. Tesla stock declined after the launch event where Musk officially announced the truck’s prices. The truck’s high cost will likely appeal to wealthier individuals who are searching for a unique and distinctive vehicle in the market, according to analysts.
The Cybertruck will be competing with F-150 Lightning, Rivian R1T, the new Hummer EV, among other high-end pickup trucks. Musk has cited problems in ramping production and indicated that it will take some time for the Cybertruck to contribute significantly to Tesla’s cash flow. Although its long-run capability according to Musk fell short of expectations, its unique design and limited capacity could cater to a small segment of the population.
It is inevitable for Cybertruck, which is Tesla’s first new model to follow Model Y, to be the first of its kind in nearly four years driving the vehicle to be critical to its reputation as a maker of innovative vehicles. Nevertheless, its performance is surely not going to be on the scale of the company’s high-volume models like Model 3 or Model Y. Tesla is working to reach an annual production rate of 250,000 Cybertrucks in 2025, according to Musk.
To cap off a colorful night Musk gave a profanity-laced interview on Wednesday about his social media platform X, which was formerly known as Twitter. On the following day, he stated that it’s an “incredibly useful truck” that is not merely a grandstanding showpiece.
Regarding the Cybertruck’s specs, Musk plans to reach a production rate of approximately 250,000 Cybertrucks a year in 2025. In terms of range, the Cybertruck’s longest-range version is estimated at 340 miles, however, this falls short of the originally speculated 500-mile range. The truck is expected to have a range extender of an extra battery pack that will extend the range to 470 miles, Musk said, and expects to reach a production rate of approximately 250,000 Cybertrucks a year by 2025.
In comparison, Sam Abuelsamid, principal research analyst at Guidehouse Insights states that electric vehicle manufacturer Chevrolet’s Silverado EV is capable of exceeding its 450-mile rated range. They suggest that the Cyber truck may fall short of its range estimates in real-world driving by up to 20%.
Former design of the truck was heavily marketed by Tesla’s chief designer, Franz von Holzhausen who infamously attempted to break a “bulletproof” window, only to to shatter the glass with a metal ball.
