Tesla Inc.'s (NASDAQ:TSLA) yet-to-be-launched Cybertruck has evinced a lot of interest among customers and is touted as the next big thing in electric vehicles.
What Happened: Tesla CEO Elon Musk on Wednesday said he just reviewed the production beta Cybertruck. He paid the highest compliment to it and said, "It is incredible."
See Also: How Did Elon Musk Make His Money
Musk's update on Cybertruck came in response to a tweet by one of his followers, who said, "Cybertruck will be my personal vehicle."
Cybertruck will be my personal vehicle — @elonmusk pic.twitter.com/0FdasuIhWL
— DogeDesigner (@cb_doge) January 31, 2023
On the fourth-quarter earnings call, Musk said the Cybertruck will not significantly contribute to the bottom line in 2023 but will do so in 2024. While the EV will likely go into production this summer, volume production will actually happen next year, Musk added. He raved about it and said, "So, it's an incredible product. I can't wait to drive it personally."
Why It's Important: The Cybertruck, with a unique angular design and a steel body, was unveiled in 2019 and the start-of-production has faced multiple delays since then.
Photos shared by drone operator and Giga Austin observer Joe Tegtmeyer recently have shown a large number of IDRA Giga Press parts being delivered to the factory premises, raising hopes that production would start soon. The Giga Press is used to make the rear underbody of the Cybertruck.
Deepwater Asset Management's Gene Munster said in his tech predictions for 2023 that Cybertuck sales will likely be around 80,000 units but would trail Ford Motor Co.'s (NYSE:F) F-150 Lightning EV pickup truck sales. When fully ramped in 2024, Cybertuck sales would outperform that of F-150 Lightning truck, he added.
Price Action: In premarket trading on Wednesday, Tesla shares were up 0.10%, at $173.40, according to Benzinga Pro data.
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