Electric vehicle (EV) maker Tesla (Nasdaq: Tesla) continues to frustrate its customers due to ongoing delays in the delivery of the long-awaited Cybertruck. During a first-quarter earnings call in April 2023, CEO Elon Musk said Tesla was building “alpha versions” of the Cybertruck on its beta line for testing and planned to have a “fantastic delivery event” likely in the third quarter. The third quarter has ended and the company has once again dashed the hopes of buyers waiting for the electric truck.
Constant delayss
Tesla initially announced the launch of the future Cybertruck with a stainless steel body in 2019, with production and delivery expected to begin in 2021. However, the company has repeatedly delayed its production, due to a shortage of components.
In July, before its second-quarter earnings report, the company tweeted that it had finally built its first Cybertruck at its Gigafactory in Austin, Texas. During the second-quarter earnings call, when an analyst asked him about Cybertruck orders, estimated delivery schedules, pricing and specifications, Musk said there are about 10,000 unique parts and processes that go into the Cybertruck. This makes it difficult to predict the slope at first, the CEO explained. However, he added that the company will deliver the model this year and manufacture it in large quantities in 2024.
“I want to stress that the Cybertruck has a lot of new technology, like a lot,” Musk said.
The third quarter is over, and customers are eagerly awaiting details on Cybertruck deliveries, especially its prices, given the rise in inflation. While Tesla is confident about the prospects of its Cybertruck, it’s worth noting that the company now faces competition from Ford (New York Stock Exchange: F(Rivian F-150 Lightning Electric Truck)Nasdaq: Raven(R1T pickup truck, General Motors)New York Stock Exchange: General Motors) GMC Hummer EV.
According to the Wall Street Journalpre-production versions of the Cybertruck have been spotted in certain places, including San Francisco, sparking excitement about the pickup’s eventual launch.
As investors look forward to Tesla’s third-quarter deliveries report today, any positive information on Cybertruck deliveries would be welcome.
Is TSLA a good stock to buy?
Wall Street is cautiously optimistic about Tesla, with a Moderate Buy consensus rating based on 12 buys, 12 holds, and four sells. The average price target of $273.46 indicates upside potential of 9.3%. Shares are up 103% year to date.
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