Tesla releases the Cybertruck this week. Here's what to know.
Tesla is scheduled to deliver its first batch of Cybertrucks to customers this week, marking four years since CEO Elon Musk first introduced the steel-clad, electric vehicle to the automotive world.
Billed by Musk as a bullet-proof, high-performance vehicle, Tesla began taking pre-orders for the Cybertruck in 2019 with the promise to start production in 2021. The pandemic delayed those plans but Tesla eventually finished its first Cybertrucks in July.
The Cybertruck arrives at a time when automakers like Ford, General Motors and Toyota are trying to drive down the price of their electric vehicles to appeal to a wider audience. To further entice car shoppers, automakers are expanding the number of EV charging stations across the U.S.
Americans are on track to buy one million EVs this year for the first time in the vehicle segment's history, according to Cox Automotive.
Tesla is planning a celebration Thursday for its Cybertruck official arrival at its manufacturing plant in Austin, Texas. To prepare, here are a few things you should know about the Cybertruck.
Why is the Cybertruck so special?
Until now, Tesla has made a name for itself by selling sleek sedans, including the Model S and the Model X. The Cybertruck is Tesla's first pickup truck and it has features distinctly unique from the sedans.
In terms of power, the Cybertruck can tow more than 14,000 pounds and it can go from 0 to 60 miles per hour in less than 3 seconds, according to Tesla. The interior seats six passengers and has a 17-inch touchscreen navigation for the driver.
The windows are made of shatter-proof "armor glass" and the vehicle's trapezoid-like body is made of stainless steel alloy, making the entire vehicle look like something from a futuristic cyberpunk film.
"The Cybertruck's rigid external steel is designed to eliminate the probability of dents, damage and long-term corrosion, while also being bulletproof, providing additional security," analysts from Wedbush Securities said in a research note Tuesday.
How much will one cost?
Tesla has been tight-lipped about price. The company originally said it would make three versions of the Cybertruck — a single motor, dual motor, and tri-motor — with prices ranging from about $40,000 to $70,000. Later the company removed prices from the webpage where customers could pre-order the vehicle.
Wall Street onlookers expect the single motor model to be in the $50,000 range and the dual and tri-motor models to be between $60,000 and $80,000, Wedbush analysts said. Tesla will likely reveal updated prices Thursday, the Wedbush analysts said.
Where can I buy a Cybertruck?
At least for now, the Cybertruck will only be available online through pre-order. But even through pre-order, it may be tough to get your hands on one in the immediate future. Musk said last month that it will take time to bring the Cybertruck to full-scale production because it's "one of those special products that comes along only once in a long while."
"And special products that come along once in a long while are just incredibly difficult to bring to market to reach volume, to be prosperous," Musk said during a Q3 earnings call in October, the Verge reported.
Tesla will likely produce only between 2,000 and 3,000 Cybertrucks in Q4 of 2023, Wedbush said. Production will probably reach 10,000 units in the first half of 2024.
Why is the Cybertruck so important to Tesla?
The Cybertruck marks Tesla's entry into a lucrative segment within the electric vehicle market: full-sized pickup trucks.
Sales and demand for EV pickups has been on the rise since late 2020, according to Cox data. This year, the Ram 1500 Rev is garnering the most attention, followed by Ford's F-150 Lightning, the Chevrolet Silverado EV, then GMC's Hummer EV and Rivian's R1T, according to Cox.
Tesla's long-term growth depends on the company being able to offer different types of vehicles "as more consumers head down the EV path over the coming years," Wedbush analysts said.
"While Cybertruck does not significantly move the financial needle for Tesla in fiscal year 2024, it further shows the innovation and mind share lead that Tesla has built with many original equipment manufacturer competitors around the world still on the treadmill stuck in neutral," Wedbush said in its note.
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Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
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