Tesla’s long-delayed Cybertruck launched; priced 50% higher than estimated

Tesla has officially launched the Cybertruck pickup which was first showcased to the world in 2019. After multiple delays and years of testing, the vehicle finally saw the light of the day. The first few units of the pickup truck were handed over to the customers at an event in Austin, Texas on Thursday night. It has been priced starting at USD 60,990, which is over 50% more than what CEO Elon Musk had touted in 2019. Of the three variants, the top-of-the-line Cyberbeast trim gets a price tag of USD 99,990 while the mid-level all-wheel drive trim starts at USD 80,000.

Musk drives a Cybertruck onto the stage

Musk drove a shiny new Cybertruck onto the stage to a cheering crowd at the event, saying, “Finally, the future will look like the future”. The truck is partly inspired by a car-turned-submarine in the 1977 James Bond movie ‘The Spy Who Loved Me’, he added. The pick-up has “more utility than a truck” and is “faster than a sports car”, he said, showing a video of the Cybertruck towing a Porsche 911 and beating another combustion engine 911 in a short race. He has also posted the video on his X (formerly Twitter) account.

A premium price tag

The prices of all the three variants of the Cybertruck are almost the double of what was previously estimated. This has drawn flak from critics who believe that the the unconventional and futuristic styling of the vehicle has added complexity and costs to production. The pickup will attract the wealthy lot, willing to spend a bomb. “This is going to appeal to… definitely a wealthier clientele that can afford the price point and they want something that is unique and quirky,” Jessica Caldwell, head of insights at auto research firm Edmunds, told Reuters. After the announcement, the comapny’s shares fell 2% in extended trading after closing off 1.6% at USD 240.08.

Cybertruck’s market availability and rivals

The pick-up truck has currently only been launched in the US. The highest-performing Cyberbeast will be available next year, as will the all-wheel drive trim. The cheapest rear-wheel drive version will be available in 2025. While initially the deposit required to reserve the Cybertruck was USD 100, it has now been reduce to USD 250.

In the hot pickup market in the US, Tesla Cybertruck will compete with the likes of Ford F150 Lightning, Rivian R1T and GM Hummer EV.

Deepika Agrawal: