Tesla Cybertruck Update: Here's How Many Units Could Be Produced Annually

One of the most anticipated vehicle launches of all time is happening in 2023. Here’s the latest update on the Tesla Cybertruck electric pickup truck.

What Happened: The Tesla Cybertruck was unveiled by Tesla Inc TSLA back in November 2019. Since then, the truck has been one of the most talked about vehicle launches and has seen strong reservation figures, topping more than one million according to third-party estimates.

The company confirmed production of the vehicle was set to begin in 2023 with the first deliveries taking place later this year.

A company update, as reported by Electrek, said Tesla sees production of the Cybertruck hitting 375,000 units annually and suppliers have been asked to meet this production goal, according to internal communications. 

The update also said the first “release candidates” could come in August 2023. Release candidate vehicles are the last step before full production. Full production of the Cybertruck could come in September or October.

The latest estimates fall in line with recent commentary from the company of “around the end of Q3” and CEO Elon Musk saying 250,000 to 500,000 units per year.

Related Link: Is Tesla's Cybertruck A Real Truck? Survey Poses The Question And Elon Musk May Not Like The Results

Why It’s Important: Musk previously that the Cybertruck had more than 250,000 reservations a week after the reservations first opened. Third-party estimates put the new figure at around 1.5 million as of November 2022.

While expectations for the vehicle are high, Musk has tried to downplay the initial excitement.

“I always try to downplay the start of production because the start of production is always very slow. It increases exponentially, but it’s always very slow at first. So I wouldn’t put too much thought into start of production. It’s kind of when volume production actually happens, and that’s next year,” Musk said during the company’s fourth-quarter conference call.

Investors and analysts see the Cybertruck as a big catalyst, which could mean more upside for Tesla shares.

Based on demand and strong production goals, the Cybertruck could become a top 10 selling vehicle in the U.S., which will be its first market for deliveries.

The top-selling vehicle in the U.S. in 2022 was the Ford F-150 truck, which had 650,000 units sold. Hitting 375,000 units annually would have put the Cybertruck at fifth in 2022 if all deliveries were in the U.S.

The Tesla Model Y had 252,000 deliveries in the U.S. in 2022, ranking sixth.

The Cybertruck has drawn praise from the likes of Joe Rogan and was even featured in an episode of “The Simpsons” before it ever saw production.

With the demand for the vehicle huge, Tesla appears to be ready to capitalize with a strong production goal from the start.

TSLA Price Action: Tesla shares are up 3.58% to $232.54 on Thursday, versus a 52-week trading range of $101.81 to $314.66.

Read Next: Elon Musk Owns An Iconic $1M James Bond Movie Car That Inspired The Cybertruck 

Photo: Courtesy of Tesla