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Tesla workers in Austin, Texas, crowd around the first Cybertruck. | Photo courtesy of Tesla/Twitter
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A new contender has entered the electric vehicle section as Tesla Inc.’s Cybertruck has finally rolled out of its Austin factory after nearly four years post its first unveiling. However, skeptics point out that critical specs like the cost, battery range, and more remain ambiguous.
Tesla CEO Elon Musk first unveiled the prototype of this radical pickup truck in 2019. At the time, Musk had optimistically promised production two years later. Only now, after long delays and hushed rumors about difficulties in production has the first vehicle been produced.
Tesla took to Twitter, sharing a photo of workers wearing vests and helmets huddled around the forthcoming vehicle that has created ripples in the electric vehicle market since its prototype was first revealed.
Musk managed to influence expectations during the company’s annual meeting in May, hinting at the design and production hurdles posed by the Cybertruck. The pickup boasts a wedge shape and stainless-steel body named “the exoskeleton.” Stainless-steel is a material known for its expensive and difficult manipulation and welding.
“It’s going to be hard to make the cost affordable because it is a new car, new manufacturing method,” Musk told shareholders.
The Cybertruck boasts specs such as available all-wheel drive, a towing capacity of up to 14,000 pounds and acceleration from zero to 60 mph in as little as 2.9 seconds, according to Tesla. Moreover, it claims to accommodate 1 megawatt direct-current charging, promising an incredibly fast charge.
Providing further incentive, Cybertruck buyers may be eligible to receive a federal tax credit of up to $7,500, according to Tesla.
However, analysts predict that Cybertruck deliveries will be less than 100,000 in 2023 and 2024. The Cybertruck will be jointly vying for electric dominance with competitor vehicles like Ford’s F-150 Lightning, Chevrolet’s Silverado EV, Rivian’s R1T and the GMC Sierra EV. Indeed, the market seems solid, as the revenue is expected to grow by a staggering 47% year-over-year to $24.7 billion.
“It will be small,” Musk said in May. “But it’s still very cool.”
Some bumps in the road for getting the Cybertruck to market include the pitfalls of having to get a production line going for such an innovative product line, as was noted in the Cybertruck’s rocky 2019 demo, where the supposedly unbreakable windows were shattered by a metal ball.
While Musk previously promised deliveries from this quarter, no official date has been announced. As a result, the anticipation remains high.
This announcement is no less than a percussion cap in the already buzzing electric vehicle market. Tesla’s contemporaries such as Rivian Automotive and Lucid Group, which have shown a strong trading correlation, are bound to face ripple effects, Seeking Alpha noted.
Will public response echo Musk’s optimism, or will the ambiguous critical specs overwhelm these initial triumphs? The electric vehicle market is waiting with bated breath.
