Tesla promises Cybertruck production is on track, teases next-gen platform

The electric car maker also acknowledged its recent steep price cuts, noting that "improving affordability is necessary to become a multi-million vehicle producer."
Written by Stephanie Condon, Senior Writer
Cybertruck on a road

Tesla's long-awaited Cybertruck "remains on track to begin production later this year at Gigafactory Texas," the electric vehicle company promised Wednesday, in its latest quarterly financial report. 

The assurance comes after years of delays. Tesla first unveiled its electric pickup truck in 2019, prompting more than 250,000 people to pre-order the truck within one week. As of November, more than 1.5 million customers have reserved a Cybertruck, according to Electrek. 

As consumers wait for the Cybertruck, more mainstream car brands are starting to debut their own electric pickups. Back in April, Ford began rolling out the F-150 Lightning. Earlier this month, Ram unveiled the Ram 1500 Revolution, with the promise to begin production in 2024. 

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Tesla did begin production last year of electric semi trucks, but the company hasn't unveiled a new consumer vehicle model in years. 

In its Q4 report on Wednesday, Tesla added: "Our next generation vehicle platform is under development, with additional details to be shared at Investor Day (March 1 2023)."

Tesla reported record revenues and net income for the fourth quarter of 2022. For the entire year, total revenue grew 51% year-over-year to $81.5 billion, and net income (GAAP) more than doubled to $12.6 billion.

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The company also on Wednesday defended its recent aggressive price cuts, acknowledging that selling prices "have generally been on a downward trajectory for many years." 

It continued: "Improving affordability is necessary to become a multi-million vehicle producer."

Tesla is "accelerating our cost reduction roadmap and driving towards higher production rates," it added.

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