Elon Musk said during the company’s fourth-quarter results conference today that full-volume manufacturing of Tesla’s long-awaited Cybertruck won’t begin until 2024.
During the call, Musk was questioned about if the next car will fulfill a manufacturing goal that was established in Q2 of last year for the middle of 2023. Musk cagily acknowledged that Cybertruck production will begin “sometime this summer,” but concluded that the divisive pickup won’t go into full production until the following year. I always want to minimize the beginning of manufacturing, Musk added. It grows exponentially, although initially extremely slowly.
The manufacturing of Cybertruck has been repeatedly postponed since its first announcement in 2019 to great fanfare. Pre-production was initially planned to begin in late 2021, but the COVID-19 epidemic caused this to change. Then, it was projected to happen sometime in 2023, a year ago. Additionally, Musk said to investors last year that Cybertruck’s specifications and cost “will be different.”
As an afterthought, Tesla said on Wednesday that it has begun setting up the manufacturing tools required for the Cybertruck’s assembly, including the castings that will create the body of the electric pickup truck. The company’s Gigafactory in Austin, Texas, is anticipated to be the primary manufacturing location for the Cybertruck.
Industry analysts cautioned that for the Cybertruck to have the intended effect, the schedule needs to be accelerated. “Cybertruck will join an increasingly crowded sector of the EV market with the F-150 Lightning, GMC Hummer EV, Rivian R1T, and possibly the Chevy Silverado EV and RAM 1500 EV following closely behind.” (via The Verge).
Tesla’s Q4 2022 Gross Margin Increased by 7 Percent With Further Growth Expected
With Tesla aggressively lowering the retail price of its EVs in recent weeks to combat a continuous drop in demand, experts are preparing to examine the effect of these price cuts on the EV giant’s gross margin measure, which is the highest in the industry.
The retail price of Tesla’s EVs has been slashed significantly in recent weeks to stave off a prolonged downturn in demand, and experts are gearing ready to study the effect of these reductions on the EV industry’s highest gross margin statistic. Tesla announced fourth-quarter sales of $24.32 billion, above the average estimate of $23.7 billion. Following its previous disclosure, Tesla has revealed a Q4 2022 automotive gross margin of 25.9%, below analysts’ average of 26.4%. This amounts to a decline of around 7% on a sequential basis.