Bad news for Tesla fans: Cybertruck will be even more expensive than $40,000
- Initially, the pricing of the car was meant to start at $39,900.
- That price has increased as its production has been delayed.
- Musk blames inflation on the price hike.
At Tesla’s 2022 Annual Meeting of Stockholders, CEO Elon Musk revealed some bad news for the much-anticipated Cybertruck.
Some bad news for Cybertruck fans
“Cybertruck pricing, it was unveiled in 2019, and the reservation was $99,” Musk said at the meeting. “A lot has changed since then, so the specs and the pricing will be different. I hate to give sort of a little bit of bad news. But I think there’s no way to sort of anticipate the inflation that we’ve seen and the various issues,” Musk added.
Three years ago, the billionaire had promised a starting price of $39,900. To be exact, he offered three options, each with a slight price increase:
- Single motor rear-wheel drive with 250 miles of range, 7,500-pound towing capacity, and zero to 60mph capabilities in under 6.5 seconds for $39,900
- Dual motor all-wheel drive with 300 miles of range, 10,000-pound towing capacity, and zero to 60mph in under 4.5 seconds for $49,900
- Triple motor all-wheel drive with 500 miles of range, 14,000-pound towing capacity, and zero to 60mph in under 2.9 seconds for $69,900
The Cybertruck was first unveiled back in 2019, and Tesla claimed that the electric pickup truck would make it to market by the end of 2021. Soon thereafter, the company changed plans announcing that production had slipped to 2022.
Many production delays
Musk then announced another delay stating that Tesla was targeting a start of production in late 2022 at Gigafactory Texas. Finally, in March of 2022, it was confirmed that Tesla was now aiming for production in 2023, and in June of 2022, Musk further revealed a new start of mid-2023.
Now the question still remains if this new deadline will be met and how many options for the vehicle will be offered. There’s also some speculation about how many reservations the company has pending.
In June 2020, 650,000 reservations were reported, but some estimates have now put that number to 1.5 million. There is no doubt that Tesla’s cars are popular but will they continue to be as much so if the prices keep rising?
Furthermore, a new law passed by state democrats would restrict EV prices to no higher than $55,000 for new cars and $80,000 for pickups and SUVs in order to eliminate the cap of 200,000 vehicles sold. This means Tesla would have to price accordingly if it wants to be successful.