Proactive Investors - Tesla Inc (NASDAQ:TSLA)’s first Cybertruck has rolled off the production line at the company’s plant in Texas, marking its entry into one of the largest segments of the US auto market.
Having announced the first model in a weekend tweet, Tesla is now poised to begin a previously stated mass production target of late-2023 for the light pickup truck.
First Cybertruck built at Giga Texas! ???? pic.twitter.com/ODRhHVsd0t— Tesla (@Tesla) July 15, 2023
Though Tesla was the most searched-for brand in the US over the past year, as per Auto Trader data, Elon Musk’s company has faced setbacks in introducing the truck as appetite grows for such models.
Small pickup trucks accounted for the majority of sales in North America during 2022, according to Statista, making up 10.9mln of a total 13.8mln orders for light vehicles.
Despite marking a 6% fall on 2021’s figures, alternatives have enjoyed growing popularity, with the likes of Ford Motor Company (NYSE:F) and Ram among last year’s bestselling brands to also roll out electric-powered pickups.
Having originally unveiled the truck design in 2019, Musk has blamed component shortages and supply issues for delays, which have seen production pushed back by around two years.
Tesla will now aim to produce a quarter of a million Cybertruck models each year, as per Musk’s May shareholder meeting, though this will depend on demand as competition in the sector heats up.