Tesla's new Cybertruck, starting at $60,990, has arrived
- by CBS News
- Nov 29, 2023
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Reporter, MoneyWatch
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. 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.
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 critical 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 a note to investors.
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