Tesla Delays Cybertruck Production Until 2023

Elon Musk presents the all-electric battery-powered Tesla Cybertruck in November 2019. Analysts are expecting Tesla to have made progress towards a million-mile battery lifespan AFP / Frederic J. BROWN

Tesla (TSLA) Cybertruck buyers will have to wait a little longer to drive away with the electric truck as the EV maker has reportedly delayed the initial production of the vehicle until early 2023.

The delay is now two years later than when CEO Elon Musk first said that he expected the Cybertruck would begin production.

According to a source for Reuters, the Cybertruck, which was slated to begin production in late 2022, will now roll down the production line at the end of the first quarter of 2023.

Tesla first took the wraps off the Cybertruck in 2019.

The delay comes as Tesla continues development of the truck, honing its features and components as competition in the electric truck market heats up, the source told the news outlet.

Ford recently debuted the F-150 Lightning pickup truck, and last week, GM unveiled the GMC Silverado EV pickup truck. Rivian also has the R1T model, which it has delayed deliveries on until 2023.

Even when initial production begins for Tesla in 2023, it will be limited, Reuters reported.

Tesla plans to build the truck at its plant in Texas.

Changes on Tesla’s website seemingly indicated that delays were ahead for the Cybertruck. Back in August, buyers were told that were could complete their configuration in 2022, while a recent update to the website changed the date to “as production nears.”

Last January, Musk said during Tesla’s Q4 2020 earnings call that the electric truck would begin shipping in 2021 “if we get lucky,” with volume production beginning in 2022, Business Insider said.

An update on the status of the Cybertruck is expected on Jan. 26 during the automaker’s fourth-quarter 2021 earnings call.

As of Friday premarket hours, shares of Tesla were trading at $1,025.43, down $6.13 or 0.59%.