Tesla (TSLA) Delays Cybertruck Production Start Date Again - Reuters

January 14, 2022 5:42 AM EST
Get Alerts TSLA Hot Sheet
Price: $846.35 +2.08%

Rating Summary:
    25 Buy, 21 Hold, 12 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 16 | New: 32
Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Tesla (NASDAQ: TSLA) has pushed back the start production date of its electric pickup Cybertruck to the end of the first quarter of 2023, Reuters reports citing a person familiar with the matter.

Tesla unveiled Cybertruck in November 2019 when CEO Elon Musk said the production should begin in late 2021. Last year, it was reported that Tesla is delaying the initial production to 2022.

The second date change is likely related to Tesla beefing up the product as the competition heats up, notably from General Motors (NYSE: GM), Ford (NYSE: F), and Rivian (NASDAQ: RIVN) in this market segment.

In November last year, Musk tweeted: "Oh man, this year has been such a supply chain nightmare & it's not over!"

Musk is expected to present an updated product road map on the Q4 earnings call scheduled for January 26.

The Verge reported yesterday that Tesla omitted the word “2022” from its website when it comes to customers configuring their Cybertruck.

"You will be able to complete your configuration as production nears,” is the current wording.

Global Equities Research analyst Trip Chowdhry said yesterday that CyberTruck will have 2 versions. He believes that TSLA is likely to hold a Special Virtual Event in March 2022. Unlike other analysts, Chowdhry believes that TSLA will not provide CyberTruck details on its earnings call.

“One CyberTruck Version will be about 15% to 20% smaller. Both CyberTruck versions will have significant tweaks to the original design,” Chowdhry said in an update to clients yesterday.

Tesla stock price fell 6.75% yesterday to close at $1,031.56.

By Senad Karaahmetovic | senad@streetinsider.com

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Reuters, Rumors

Related Entities

Tesla, Earnings, Trip Chowdhry, Senad Karaahmetovic