Tesla begins Cybertruck deliveries
Tesla begins Cybertruck deliveries

Tesla begins Cybertruck deliveries on November 30

What To Know

  • The word on the street is that they are adapting it to accommodate an 800-volt standard, a substantial upgrade from the 400 volts seen in their existing Tesla lineup.
  • During an investor call on Wednesday, Elon Musk, Tesla’s CEO, shared his excitement about the Cybertruck, emphasizing that he had the chance to experience the vehicle firsthand and found it to be an extraordinary product.
  • In terms of Tesla’s current product lines, the company has faced a dip in both production and deliveries during this quarter, with numbers down by around seven percent, equivalent to approximately 30,000 units compared to Q2.
  • In an effort to enhance customer experience, Tesla cybertruck has introduced a feature that allows all US and Canadian Hertz rental customers to utilize the Tesla App, enabling them to use their smartphones as key fobs.

After enduring years of setbacks and design revisions, Tesla’s highly anticipated Cybertruck is set to make its debut on public roads during this holiday season. The company has officially confirmed that deliveries of the long-awaited luxury electric SUV will kick off on November 30, initially catering to select customers. Subsequent to this initial release, full-scale production will take place in the coming year at Tesla’s Texas Gigafactory.

Simultaneously, Tesla is making significant changes to the vehicle’s electrical architecture. The word on the street is that they are adapting it to accommodate an 800-volt standard, a substantial upgrade from the 400 volts seen in their existing Tesla lineup.

Many luxury, high-performance, and heavy-duty electric vehicle models, including the likes of the Audi e-Tron and GMC Hummer EV, rely on this 800-volt architecture. This is the technology that empowers EVs with substantial battery capacities to recharge at a significantly faster rate, effectively reducing charging times without overheating the vehicle’s wiring harness.

Tesla announces a new date for Cybertruck delivery after missing the first one

During an investor call on Wednesday, Elon Musk, Tesla’s CEO, shared his excitement about the Cybertruck, emphasizing that he had the chance to experience the vehicle firsthand and found it to be an extraordinary product. Musk, however, did not downplay the challenges ahead. He acknowledged that achieving volume production for the Cybertruck and ensuring it becomes profitable will be a formidable task, particularly given the groundbreaking and distinctive nature of this vehicle.

In terms of Tesla’s current product lines, the company has faced a dip in both production and deliveries during this quarter, with numbers down by around seven percent, equivalent to approximately 30,000 units compared to Q2. Nevertheless, Tesla’s performance remains robust when looking at the broader context, with deliveries up by an impressive figure of approximately 100,000 units compared to the same period in 2022.

To boost sales, Tesla has been consistently reducing the prices of its vehicles this year. This pricing strategy began in March and was followed by subsequent reductions in September, which amounted to a remarkable 20 percent off the Manufacturer’s Suggested Retail Price (MSRP) at the time. For instance, the Model X, which initially retailed for $120,990 at the start of 2023, now carries a price tag of $79,990. Similar price drops have been implemented for the Model S, Model Y, and Model 3, with substantial reductions across the board.

Tesla also reported a decrease in its cost of goods sold per vehicle, down to approximately $37,500 in the third quarter. Elon Musk, the visionary behind the company, has been open about his willingness to compromise on profit margins to stimulate higher sales volume, a strategy he firmly believes in.

Tesla reiterates its commitment to a 2023 production target of around 1.8 million vehicles, despite experiencing a sequential decline in volumes due to planned factory upgrades, as outlined in their recent earnings call. In the third quarter, the company successfully delivered a total of 435,059 vehicles on a global scale.

Furthermore, Tesla is demonstrating its dedication to advancing AI technology. The company has more than doubled its processing power allocated to training its vehicular and Optimus robot AI systems compared to the previous quarter. Notably, the Optimus is receiving hardware upgrades and undergoing training through AI, rather than relying solely on hard-coded software.

In an effort to enhance customer experience, Tesla cybertruck has introduced a feature that allows all US and Canadian Hertz rental customers to utilize the Tesla App, enabling them to use their smartphones as key fobs. Existing Tesla profile settings can also be seamlessly applied to Hertz rentals, enhancing convenience and accessibility for Tesla enthusiasts.

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