Tesla has made the first deliveries of its long-delayed Cybertruck electric vehicle, with a lower range and prices more than 50 per cent higher than CEO Elon Musk touted four years ago.
When revealing the futuristic-looking ute in 2019, Mr Musk said it would sell for $US40,000 ($60,000), a figure he had not updated until now, despite rising raw material costs and manufacturing issues.
He announced the new price range for the vehicle’s three variants between $US60,990 ($92,000) and $99,990 ($150,000) at an event in Austin, Texas after driving a Cybertruck onto a stage and handing over vehicles to about a dozen customers.
Tesla’s US website lists prices for the new vehicles, but the company is yet to announce if the Cybertruck will be available in Australia.
Its highest-performance variant, the Cyberbeast, will be available in the US next year, as will the all-wheel drive trim that starts at an estimated $US80,000 ($120,000).
The cheapest rear-wheel drive version, with an estimated starting price of $US60,990 ($92,000), will be available in the US in 2025.
The truck’s new body material and unconventional, futuristic styling made of stainless steel shaped into flat planes has added complexity and costs to production.
Experts say it threatens to alienate traditional pickup truck buyers who focus on utility, but Mr Musk says it has “more utility than a truck” and is “faster than a sports car”.
“Finally, the future will look like the future,” he said about the truck’s design, showing a video of it towing a Porsche 911 and beating another gasoline-powered 911 in a short race.
Jessica Caldwell, head of insights at auto research firm Edmunds, said there was not a large enough population who can afford the vehicle
“This is going to appeal to … definitely a wealthier clientele that can afford the price point and they want something that is unique and quirky,” she said.
The price is not a surprise to many, says Paul Waatti, an analyst at consultancy AutoPacific, adding before the event that it would do well with a smaller audience.
Cybertruck range falls short of Musk’s promise
The Cybertruck’s longest-range version can drive an estimated 547 kilometres, a far lower range than the 804 kilometres on a single charge that Mr Musk had said the truck would be able to travel in 2019.
That long-range version comes with a “range extender” or extra battery pack, that extends its range to around 756 kilometres.
Sam Abuelsamid, principal research analyst at Guidehouse Insights, says Teslas “almost always” fall short of range estimates.
“In real-world driving [they fall short] by anywhere from 10 per cent to 20 per cent. I wouldn’t expect the longest-range version of the Cybertruck to achieve more than 300 miles [482 kilometres] on the road,” he says.
Why the Cybertruck is key to Tesla’s reputation
The Cybertruck, Tesla’s first all-new model in nearly four years, is critical to the company’s reputation as a maker of innovative vehicles.
At a time when the company is battling softening EV demand and rising competition, the truck is also key for generating sales, though not to the extent of the company’s high-volume Model 3 and Model Y
It also enters a hot US pickup truck market after being two years behind schedule.
In comparison, Rivian Automotive’s R1T has a starting price of $US73,000 ($110,000) while Ford’s F-150 Lightning starts at about $US50,000 ($75,000). General Motors’s larger and more powerful Hummer EV costs more than $US96,000 ($145,000).
Mr Musk tempered investor expectations about the product last month, citing problems in ramping production and warning that it would take a year to 18 months to make it a significant cash flow contributor.
