Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk on Tuesday reiterated the company's intent to make its latest offering- the Cybertruck- more affordable in the future.
What Happened: "It's a great truck," Musk wrote on social media platform X. "We need to make it more affordable in the years to come."
It's a great truck.
— Elon Musk (@elonmusk) August 6, 2024
We need to make it more affordable in the years to come.
Tesla started delivering the Cybertruck late in November last year.
The vehicle pricing starts at $79,990 for the all-wheel drive version and $99,990 for the more premium Cyberbeast version.
A lower-priced rear-wheel drive version of the truck will be available in 2025, as per the company website, starting at $60,990.
However, during Cybertruck's unveil in November 2019, the company said that the entry-level version of the truck would start at just $39,900 and the premium variant at $69,900.
Why It Matters: Tesla is currently ramping up production of the Cybertruck with the aim of delivering 250,000 units, starting in 2025.
According to Kelley Blue Book estimates, Tesla sold 8,755 Cybertrucks in the second quarter in the U.S., and just 2,803 in the first quarter.
Cybertruck production is on track to achieve profitability by the end of the year, Tesla said during its second-quarter earnings.
The company also said that it has started testing its prototype Cybertruck produced with in-house "dry" cathode 4680 cells in July. Once it goes into production, the use of in-house dry cathode 4680 cells would enable major cost reduction, it added.
The launch of production Cybertrucks with dry cathode 4680 cells is expected in Q4, Tesla's Vice President of Vehicle Engineering Lars Moravy said last month.
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