Benzinga - by Chris Katje, Benzinga Staff Writer.
Electric vehicle (EV) giant Tesla Inc (NASDAQ:TSLA) recently announced a recall of 11,688 Cybertrucks due to a windshield wiper issue. Some 3,878 Cybertruck vehicles were also recalled in April over concerns of unintentional acceleration.
Tesla influencer Whole Mars Catalog shared on X that the two recalls provide clues to Tesla's Cybertruck production and delivery figures.
On April 17 2024 there were 3,878 CybertrucksOn June 19 2024 there were 11,688 Cybertrucks
So 7,810 Cybertrucks delivered in 9 weeks
So an average of 867 Cybertruck deliveries a week over the last two months
that's about 11k a quarter extrapolated out… enough to outsell… pic.twitter.com/q3IIUt4IGo
— Whole Mars Catalog (@WholeMarsBlog) June 25, 2024
What Happened: Based on the two recalls, Tesla delivered 7,810 Cybertrucks over nine weeks. That’s an average of 867 Cybertrucks per week over the last two months.
An average of 867 Cybertrucks delivered per week could bring the company's total to over 11,000 units in the first quarter, Whole Mars Catalog said.
One user replied that this total number could be all Cybertrucks produced and not just delivered. That would mean the total number of Cybetrucks exceeds the total number of F-150 Lightning electric pickups from Ford Motor Company (NYSE:F) on a quarterly basis, the user said.
Ford delivered 7,743 F-150 Lightning units in the first quarter, which was up 80% year-over-year.
Related Link: Tesla Q1 Earnings Highlights: EV Giant Misses Wall Street Estimates, Makes Cost Cuts, Invests In AI, Speeds Launch Of New Models
Why It's Important: Tesla does not reveal unit sales for the Cybertruck every quarter like it does other popular models. The latest recalls could offer the most detailed look at production and delivery figures.
Tesla CEO Elon Musk recently said that the Cybertruck production reached a weekly record of 1,300 units.
The company is aiming to reach 2,500 units produced per week by the end of the year.
Tesla plans to hit 250,000 units produced annually in 2025.
Musk previously expressed caution with the early figures for production of the Cybertruck.
"I always like to 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 in 2023.
The Cybertruck was one of the most anticipated vehicle launches of all time. There were over one million confirmed reservations, according to Tesla.
TSLA Price Action: Tesla shares trade at $187.34 versus a 52-week trading range of $138.80 to $299.29. Tesla stock is down 22% over the last year.
Read Next: Tesla Shareholders Approve Elon Musk $56B Pay Package, Other Company Proposals
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.