Lyra Martin Auto 08.05.2022 12:Aug PM EDT

Tesla Cybertruck's Price Will Exceed Initial Projections

Due to inflation and other issues that have arisen since the Cybertruck was initially shown, the features and cost of the vehicle will change.

Cybertruck's Price Will Not be as Introduced

Elon Musk said that the Cybertruck's specifications and cost "will be different" during his company's annual shareholder meeting, citing inflation and some difficulties that had arisen in the three years since the electric truck was initially presented.

According to Musk, the Cybertruck would be in volume production by the middle of next year, but that timeframe has also shifted. The show's first premiere was scheduled for the latter half of 2021. However, the business revealed in August 2021 that it would be delayed until 2022 and ideally 2023. Competitors like Ford and Rivian have now introduced their electric pickups; according to Ford, 150,000 F-150 Lightnings will be produced by 2023.

With the exception of the Model 3, Tesla has increased pricing again for its non-vaporware portfolio of EVs. And the business had some encouraging news when it emerged that, if approved, the new climate agreement proposed by Senate Democrats would do away with the threshold of 200,000 cars sold to start the $7,500 tax credit phaseout. The phaseout began in 2018 when Tesla became the first carmaker to sell 200,000 electric vehicles.

However, the proposed legislation would limit eligibility for the credits to EVs priced no higher than $55,000 for new cars and $80,000 for pickups and SUVs. As a result, Tesla will need to price the Cybertruck appropriately if it wants it to qualify for the credits.

Cybertruck Still Draws Interest Despite Manufacturing Issues

Despite some production difficulties, the Cybertruck has a lot to offer. Tesla's steampunk electric vehicle is quicker than a sports car and more practical than a truck.

Tesla's car claimed to revolutionize the motor industry. The project slipped into limbo and hasn't returned until lately, with the pickup now set for 2023. Tesla would have been the first carmaker to introduce an electric pickup truck if the figurative No. 2 hadn't hit the fan. Instead, Rivian's R1T beat it to the punch.

The standard single-motor Cybertruck would have cost about $39,990. If genuine, dual and triple-motor models would have beaten Rivian's R1T. Tesla continued postponing manufacturing, blaming the 2021 COVID-19 epidemic and 2022 chip shortages.

At the unveiling of Cybertruck, Elon Musk's demonstration of unbreakable glass failed. The glass was broken by a gently thrown ball bearing, proving its breakability.

However, despite past failures, electric trucks from reputable manufacturers are flooding the market, like Ford's F-150 Lightning and the Rivian R1T. The Chevy Silverado EV will follow quickly in 2023, while GMC's Hummer EV will arrive this year.

Electric trucks are expensive. A new Edmunds survey found that car consumers are open to hybrids and EVs, and brand loyalty also matters. The Cybertruck is an engineering accomplishment, but it will be hard to persuade a Ford F-150 owner to switch.