Tesla delays Cybertruck production to 2023, Elon Musk states will accept Dogecoin to reduce anger

A source familiar with the subject told Reuters on Thursday that Tesla Inc (TSLA.O) plans to begin initial production of its much-anticipated Cybertruck by the end of the first quarter of 2023, moving back its goal to start production late this year.

According to the source, the delay is due to Tesla altering the electric pickup’s features and functions in order to create an appealing product as the segment’s competition heats up.

 

According to the insider, Tesla plans to produce a limited number of Cybertrucks in the first quarter of 2023 before ramping up production.

Read More About Elon Musk Accepting Dogecoin.

A request for comment from Tesla was not immediately returned.

Tesla, the world’s largest electric car manufacturer, produces electric cars and sport utility vehicles but has avoided the lucrative and popular pickup truck category in the United States.

Dogecoin prices surged after Elon Musk’s announcement of accepting it.

Ford Motor Company (F.N) and Rivian Automotive (RIVN.O) have launched electric pickup trucks ahead of Tesla.

Ford announced earlier this month that the annual production capacity for its hotly anticipated F-150 Lightning electric truck will nearly treble to 150,000 vehicles ahead of its launch this spring at U.S. dealers.

On Thursday, when Tesla shares plunged 6.7 percent and Rivian fell 7.1 percent, Ford’s market capitalization surpassed $100 billion for the first time. find out more

Elon Musk, the future vehicle’s creator, had already postponed its production from late 2021 to late 2022.

Musk has stated that he will offer an updated product roadmap at Tesla’s earnings call on January 26.

When queried about the Cybertruck, he tweeted in late November, “Oh man, this year has been such a supply chain nightmare & it’s not finished!”

 

Tesla’s Cybertruck order page abruptly removed a mention to its production schedule. “You will be able to complete your configuration when production approaches in 2022,” the website claimed last month. The phrase “in 2022” has now been removed.

 

Tesla intends to build the Cybertruck at its Texas factory, which is set to begin producing Model Y automobiles early this year.