Tesla Confirms Cybertruck Production Will Start In Late 2021

Tesla, Inc. TSLA said in a message to prospective customers who have pre-ordered the Cybertruck that production will indeed start in late 2021, confirming the previously announced schedule for the vehicle. 

The electric truck was initially unveiled by the company in November 2019.

The message was shared by several Twitter users.

@Tesla is officially reaching out to Cybertruck reservation holders and confirming a late 2021 production start! @WillieBeamin85 pic.twitter.com/Nvepej0GMh

— peyton (@peytonlschaefer) May 18, 2021

Related Link: Elon Musk Confirms Tesla Cybertruck Spot At Giga Texas But Falls Short Of Giving Timeline On Production

Why It's Important: The successful launch of the Cybertruck is key to building upon the success the company has found with its Model 3 globally.

The Cybertuck will use Tesla's in-house 4680 batteries. By 2023, the Cybertruck could account for 5% of all Tesla units, or about 30,000 deliveries, according to Loup Ventures.

The Cybertruck is a striking departure from Tesla's design language and will likely appeal to a small segment of truck buyers along with a small segment of SUV buyers, in the tech venture capital firm's view. 

Ford F unveiled the F-150 Lightning Tuesday, an EV version of its F-series pickup truck, which has been the best-selling pick-up truck in the U.S. for years.

The company is pitching the EV as one suitable for commercial work and expects to make it commercially available by the middle of 2022.

TSLA Price Action: At last check Wednesday, Tesla shares were down 4.08% at $554.27. 

Related Link: Tesla's Musk Responds To Wave Of New Electric Vehicle Manufacturers: 'Prototype Easy, Production Hard'

Photo courtesy of Tesla.