Tesla, Inc. TSLA has quietly confirmed a delay in deliveries of the much-awaited Cybertruck, its all-electric pick-up truck.
What Happened: The Cybertruck deliveries will begin in 2022, Tesla updated the schedule in its webpage that allows prospective customers to design their own vehicle.
The delay appears to be applicable to the advanced dual-motor AWD and tri-motor AWD models. Meanwhile, the cheaper single-motor RWD was originally slated to be available only in late 2022.
While stating that the $100 reservation fee is fully refundable, Tesla also said, "you will be able to complete your configuration as production nears in 2022."
Tesla had earlier affirmed at several instances its initial guidance of a late-2021 timeline for the high-end versions. This is despite the global semiconductor shortage proving a headwind for all in the industry, including Tesla.
Related Link: EV Week In Review: Biden's EV Push, White House Snub Of Tesla, Nio's Soft July Deliveries, Plug Power-Fisker Earnings
Why It's Important: Tesla is up against a few other companies, including Ford Motor Company F, Amazon, Inc. AMZN-backed Rivian and the embattled Lordstown Motors Corp RIDE, in taking the honors as the first to launch a EV pick-up truck.
Ford expects to begin shipments of its F-150 Lightning in the spring of 2022, while Lordstown, despite the financial mess it is finding itself in, is continuing to guide that production of its Endurance pickup truck will begin in September and deliveries will start by late 2021.
Rivian already has announced several delays and now expects to begin deliveries of the Launch Edition of its R1T in September.
Tesla shares closed Friday's session down 2.17% at $699.10.
Related Link: EV Stock 2021 Halftime Scorecard: Tesla Bogged Down By China Worries, Nio Underperforms And More
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
