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Tesla Halts Cybertruck Production Due To Technical Glitches

Ongoing technical problems have forced Tesla (TSLA) to temporarily suspend production of its newest vehicle, the Cybertruck.

Tesla has informed customers waiting for a Cybertruck that delivery of their orders will be delayed because of production troubles.

Tesla chief executive officer (CEO) Elon Musk also mentioned the production shutdown on social media over the weekend.

The electric vehicle maker has encountered many problems with the Cybertruck. After receiving hundreds of thousands of preorders since unveiling the futuristic looking pick-up truck in 2019, Tesla only started delivering the vehicle late last year.

The Cybertruck costs more than $100,000 U.S., putting it out of reach of most consumers. The truck also has three motors that produce 800 horsepower, making it difficult to build.

Tesla has said it aims to produce 250,000 Cybertrucks a year, or about 62,500 per quarter. However, achieving that goal has recently been pushed out to 2025.

So far this year, Tesla has made and delivered only about 3,500 Cybertrucks, according to analyst estimates. Tesla doesn’t break out Cybertruck delivery numbers.

Overall, Wall Street expects Tesla to deliver about 1.8 million vehicles in 2024, flat with last year. A few months ago, analysts had expected Tesla’s 2024 deliveries to exceed 2.4 million vehicles.

The stock of Tesla has declined 31% so far this year and trades at $171.05 U.S. per share.