Tesla's Cybertruck Is on Hold

Here’s why you might not be able to get your hands on a Cybertruck until 2023.
Written by Alex Healey
Reviewed by Kathleen Flear
Feb 4, 2022
Rendering of the Cybertruck
In what is becoming an annual event,
Tesla
has just announced that the Cybertruck is on hold.
When the futuristic pickup was first unveiled in 2019, Tesla received 150,000 pre orders in one day, growing to 250,000 by the end of the year. Sadly—following the
microchip shortage
—the Cybertruck’s 2021 release date was pushed back to 2022, and it has now been delayed again.
Cybertruck specs and pricing have been
removed from the Tesla website
, and some fans believe it has been scrapped altogether.
So what’s going on with Cybertruck? Is Tesla struggling? Read on to find out.

It’s been a good year for Tesla

Despite supply chain issues, Elon Musk has delighted
Tesla investors
by announcing record profits for 2021. Impressively, Tesla sold 936,000 vehicles, nearly double the 500,000 it sold in 2020.
This translated to $7.6 billion in annual earnings. Tesla enjoyed a particularly fruitful fourth quarter, with revenue up 65% year over year.
CNN
explains that Tesla has topped Wall Street expectations, and will likely continue to grow along with the public’s appetite for EVs.
Heading into 2022, Tesla expects to increase productivity at its existing plants in California and China, while ramping up production at new factories in Texas and Germany.

No new Tesla models in 2022

Despite green arrows on the financial reports, Musk tempered the good news with some bad. In a recent call with investors, he explained the company is still dealing with supply chain challenges, and will not be in a position to release any new cars this year.
Musk wouldn’t confirm dates for the delayed Cybertruck and other planned models, simply saying "We'll be ready to bring them to production, hopefully next year (2023).”  Tesla’s earnings statement added a little more context, noting the Cybertruck will be built in Austin "subsequent to Model Y."
One million people have already paid a deposit for the Cybertruck, but nobody knows when owning one will become a reality.
Clearly, there is a lot of demand, but Tesla will have to hope they don’t lose too many customers to the Rivian R1T or
Ford F-150 Lightning
, which look set to be the first commercially available electric trucks.

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Allstate
AAA
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Chubb
ClearCover
CSE
Dairyland
DirectAuto
Elephant Auto Insurance
Kemper
Libertymutual
Gainsco
Mapfre
Mercury Auto
Metromile
Nationwide
Plymouth Rock
Progressive
State Auto
Safeco
Travelers
Metlife
Bristol West

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