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Exclusive-Tesla delays initial production of Cybertruck to early 2023 -source -Breaking

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© Reuters. FILEPHOTO: A dealership in London is displaying the logo for Tesla, a car maker, on May 14, 2021. REUTERS/Matthew Childs/File Photograph

By Hyunjoo Jin

SAN FRANCISCO, (Reuters) – Tesla (NASDAQ) Inc aims for initial production by the fourth quarter 2023. This will push back the company’s plan to produce the Cybertruck late in the year.

According to the person, the reason for the delay is that Tesla has been changing the features and functions on the electric pickup in order to create a product that’s compelling as the competition heats up.

According to a source, Tesla will produce a limited number of Cybertrucks in the first quarter 2023 and then increase production.

Tesla didn’t immediately reply to our request for comment.

Tesla is the top-selling electric car manufacturer in the world. However, it has not been able to capitalize on the lucrative pickup truck market, which is hugely popular here.

Rivian Automotive (NYSE:) and Ford Motor (NYSE) Co lead the way in launching electric pick-ups.

Ford announced this month that it would nearly double the annual production of its F-150 Lightning electric pickup truck to 150,000 units before its spring arrival at U.S. dealers.

Ford’s market capitalization surpassed $100 Billion for the first-time on Thursday. Rivian fell 7.1%, Tesla shares fell 6.7%.

Elon Musk was the CEO of this futuristic car, and he had delayed production in order to unveil it in 2019.

Musk said that he will present an updated product roadmap during Tesla’s January 26 earnings call.

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

Tesla removed recently a mention of its production schedule on its Cybertruck order site. The website stated last month that “You’ll be able complete your configuration in production closes in 2022.” No mention of “in 2022” was made.

Tesla is planning to make the Cybertruck at Texas’s factory. Model Y production will begin in early 2012.

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