And he promised to start deliveries on November 30
Tesla CEO Elon Musk on Wednesday warned of difficulties ramping up production of the Cybertruck electric pickup truck and announced deliveries would begin on November 30.
The Cybertruck is expected to challenge the Rivian R1T, Ford F-150 Lightning, and Chevrolet Silverado EV in the electric pickup truck market. Musk said he wanted to “temper expectations” for the pickup truck, adding that the company could face “enormous challenges” in ramping up production and generating positive cash flow.
“We dug our own grave with the Cybertruck,” he said during an earnings conference call after the automaker reported a decline in its profit, partly due to increased production of pickup trucks.
Elon Musk admitted the difficulties in ramping up production of the Tesla Cybertruck
The company said it is capable of producing more than 125,000 Cybertrucks per year, with Musk adding that this could rise to 250,000 vehicles by 2025. More than 1 million people have reserved the truck, which requires a small deposit, he said.
Some analysts were skeptical about likely sales, especially in the near term. The automaker is expected to announce pricing for the car at an event at its Texas plant on November 30.
In 2019, the price was quoted under $40,000, but since then prices for electric vehicles have risen due to rising costs of raw materials for batteries.
