Tesla Inc.'s TSLA much-awaited Cybertruck could be further delayed and there is limited visibility into the timeline for its production to begin.
What Happened: Tesla removed its reference to the "2022 production start" timeline on its Cybertuck configuration page, leading to speculation concerning another potential delay.
In August 2021, the EV maker stated at the Cybertruck site, "You will be able to complete your configuration as production nears in 2022."
The less expensive single-motor, rear-wheel-drive model was originally slated to be available in late 2022, while Tesla was targeting a late-2021 production start time for the advanced dual-motor all-wheel drive and tri-motor AWD models.
After shifting the timeline for the advanced models to 2022, Tesla now seems to have left reservation holders in the dark regarding the production start time.
Archives of the website show that reference to the year was removed toward the end of December, the Verge reported.
The Cybertruck was unveiled by Tesla in November 2019.
Related Link: Tesla Analyst Hikes Price Target, Says The Company Can 'Make All Other EV Names Obsolete'
The development comes ahead of an anticipated update from CEO Elon Musk about the company's product roadmap. Musk had said in reply to a tweet he hopes to delve into it on the company's fourth-quarter earnings call.
Why It's Important: An offshoot of the delay has been Tesla may not be a first mover in the EV pickup truck market. Amazon.com, Inc. AMZN-backed Rivian Automotive Inc RIVN has already begun deliveries of its R1T pickup truck.
Legacy automaker Ford Motor Company's F F-150 Lightning EV pickup truck is scheduled to be available by spring 2022. The company recently said it has plans to double the production of the truck to 150,000 units per year by 2023. General Motors Company GM also has an EV pickup truck in the works. The company's Chevy Silverado EV is scheduled to be available in late 2023.
Related Link: Ford Can't Compete With Tesla Despite Doubling F-150 Lightning Production
Tesla's multiple delays with its Cybertruck may have to do with macro challenges such as global chip and component shortage as well as vehicle-specific issues, including design challenges, reports suggest.
That said, Tesla may not be unduly worried given its strong product portfolio that has helped the company remain the EV market leader with a commanding lead.
TSLA Price Action: Tesla shares were down 4.50% at $1,056.03 Thursday afternoon at publication.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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