The first Tesla Inc. Cybertruck finally left the production line on Saturday in Austin, Texas, after several years of setbacks and delays.
Musk presented a prototype of the angular, futuristic-looking truck in 2019, but manufacturing was frequently delayed due to what Tesla said were supply-chain concerns.
Musk said at the beginning of this year that the first Cybertrucks will be manufactured in this year, with volume production beginning in 2024.
Analysts have high hopes that Tesla’s upcoming launch of the Cybertruck, which will be the company’s largest new vehicle launch since the introduction of the Model Y in 2020, will contribute to a major increase in sales.
According to Barron’s, Wall Street forecasts less than 10,000 deliveries of cybertrucks this year, but estimates that number to be closer to 100,000 in 2024.
In comparison to the S&P 500’s gain of 17% so far this year, the price of Tesla shares has increased by 128%.
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