After a four-year wait, Tesla (TSLA) has triumphantly delivered its first Cybertrucks to excited customers. The live-streamed event from its Texas headquarters showcased Elon Musk emphasizing the vehicle’s utility and performance before customers drove their Cybertrucks off the production plant.
The much-anticipated Cybertruck, initially announced in 2019, faced several production delays. Musk, during the live stream, revealed that over 1 million customers were on the waiting list, but details about pricing and production targets remained unspecified. Analysts at Wedbush expressed caution, expecting challenges in scaling up production and minimal impact on the company’s performance this year.
Musk touted the Cybertruck as “a better truck than a truck, and a better sportscar than a sportscar,” proudly showcasing its drag race victory against a brand-new Porsche 911, a moment that drew cheers from the audience.
Originally slated for delivery by late 2021, the timeline was pushed to 2022 due to challenges posed by the pandemic and supply chain disruptions. Tesla faced a dip in overall deliveries in the third quarter after temporarily shutting down key plants for retooling to accommodate Cybertruck production.
While Wedbush analyst Dan Ives lauded the release, highlighting Tesla’s innovation and leadership in the electric vehicle (EV) market, he acknowledged it might not significantly impact revenue in 2024. However, The Verge struck a more critical note, suggesting Tesla had “missed its moment” amidst growing competition in the electric truck sector and a cooling EV market, compounded by the Cybertruck’s high price tag.
Despite the mixed reviews, Tesla shares experienced a nearly 2% drop on Thursday.
