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Tesla Cybertruck Reservations Are Worth Billions

Nov. 24, 2021 9:41 AM ET by Jay Traugott Trucks / 13 Comments So, how about a production start date? It's been exactly two years since the Tesla Cybertruck was revealed. Reservations immediately began pouring in even though a launch date had to be confirmed. Over 250,000 reservations came in the first week alone. As usual with Tesla, there have been delays but the Austin, Texas Gigafactory where the truck will call home is nearing some level of completion. A late 2022 production start is the latest goal. In the meantime, Tesla continues to accept Cybertruck reservations and people's deposits. According to Electrek, Tesla currently has a backlog of around 1.27 million Cybertruck reservations worth at least $80 billion. A majority of reservation holders want the Dual and Tri motor setups as opposed to the entry-level single-motor design. Tesla Tesla Tesla The latter should carry a starting price of $39,000. But the data indicates the average retail price is currently at $58,000. Placing a reservation requires only a $100 refundable deposit. There's no serious commitment on the customer's side, meaning not all reservations will become orders. Still, that significant number of prospective buyers means Tesla needs to get production up and running sooner rather than later. A number of new rivals from legacy automakers are on the one way. One has already debuted and will be on the road this spring: the Ford F-150 Lightning. GM and Ram are expected to follow in 2023. Tesla Tesla Tesla There's also the Rivian R1T which has just begun rolling off the production line. Despite not revealing the Cybertruck in production spec, Tesla still has the greatest number of reservations than any other EV truck to date. But the real determining factor in the EV truck battle is which automaker can achieve volume production and deliveries first. The Rivian is more of a premium niche vehicle due to its $75k price. Ford, as we recently reported, might be facing demand and supply problems. Tesla has proven itself capable of cranking up production to satisfy demand but not without first encountering several hurdles. Those lessons will hopefully be applied to its first-ever truck. Tesla Tesla Tesla Source Credits: Electrek

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