At the company’s annual shareholder meeting on Tuesday, CEO Elon Musk provided a number of key updates. Among other things, the visionary leader restated his intention to remain CEO, said the company will experiment with advertising, and reiterated his belief that most of Tesla’s fleet of vehicles could become autonomous with a simple software update. The most significant development for the company’s near-term prospects, though, was assurance that Tesla will continue to produce its long-awaited Cybertruck this year.
Given the company’s track record of bringing goods to market far after Musk’s initial go-to-market timeframe, having more confidence that the Cybertruck will likely hit the streets this year is likely to make shareholders a little more optimistic.
Tesla’s Cybertruck is years late. Late 2019, the electric-car manufacturer introduced the vehicle. If deliveries start later this year, it will be four years since the Cybertruck’s unveiling.
Tesla planned to deliver the vehicle in late 2021, but the delay is unexpected. 2021 passed. Musk has repeatedly postponed deliveries.
No surprise. Tesla delays product introductions. It launched its Model X SUV three years after unveiling it. The SUV’s falcon wing doors were unveiled in 2012, but the first vehicles weren’t delivered until late 2015. Production also slowed.
Management’s assurance that Cybertruck will deploy this year is encouraging given its track record of missing deadlines. Investors could also expect a launch delay into next year. Musk’s assurance that the vehicle is coming means deliveries should begin by early 2024 at the latest, given the Cybertruck’s near delivery timeframe.
