Tesla begins deliveries of Cybertruck, with starting price of $60,990

November 30, 2023 4:21 PM EST
(Updated - November 30, 2023 5:15 PM EST) – Tesla Inc (NASDAQ: TSLA) started deliveries of its Cybertruck electric pickup on Thursday, with a starting price of $60,990 as CEO Elon Musk bets big on electric truck segment.

The rear-wheel drive base model of the Cybertruck will cost $60,990, with more high-end, powerful versions, the all-wheel drive and Cyberbeast, fetching price tags of $79,990 and $99,990, respectively. After tax credits as well as promotions, pricing for the base model will be $49,900, while the all-wheel drive and Cyberbeast will come in at about $68,900 and $96,400, respectively.

What we're aiming with the Cybertruck is a "better truck than a truck while also being a better sports car than a sports car," Musk said Thursday at the launch event of the Cybertruck in Austin, TX.

That was well above the $40,000 price tag Musk first touted for the base model in 2019, but in-line with Wall Street estimates, Wedbush said Thursday following the event.

The rear-wheel drive $60,990 version is expected to begin rolling out in 2025, with an estimated range of 250 miles on a single charge, and a zero-to-60 speed of 6.5 seconds. The all-wheel drive, with deliveries starting in 2024, has an expected range 340 miles, with a zero-to-60 speed of 4.1 seconds, while the top-end model dubbed "Cyberbeast," boasts an estimate range of 320 miles, 11,000 pound maximum towing capacity, and a zero-to-60 speed of 2.6 seconds.

Musk offered no fiscal 2024 deliver targets for the Cybertruck, which has faced production challenges, but Wedbush forecasts Tesla will deliver about 2,000 to 3,000 Cybertrucks this quarter, with the first 10,000 unit quarter to come in first half of next year.

"While Cybertruck does not significantly move the financial needle for Tesla in 2024 it further shows the innovation and mind share lead that Tesla has built with many OEM competitors around the world still on the treadmill stuck in neutral," Wedbush said.

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