Tesla (TSLA) plans to begin mass production of its long-delayed Cybertruck at the end of 2023, according to media reports.
The Reuters News Agency is reporting that Tesla’s Cybertruck will finally enter production more than three years after the initial target for the fully electric pick-up truck.
Tesla is now preparing its Austin, Texas manufacturing plant to build the new Cybertruck. The plant is expected to ramp-up to full production of the truck in the second half of next year.
Already, more than 100,000 people have paid $100 U.S. to reserve a Cybertruck in one of the most highly anticipated electric vehicle launches in recent years.
In 2019, Tesla had projected an initial price for the Cybertruck of under $40,000 U.S., but it is not clear what the electric pick-up will cost once it finally goes on sale in 2023.
Tesla chief executive Elon Musk introduced the Cybertruck in 2019. However, production has been delayed multiple times, leading some analysts to wonder if the electric truck would ever be produced.
Musk has repeatedly cited shortages in sourcing components as the reason for delaying production of the Cybertruck. In May of this year, Tesla stopped taking orders for the Cybertruck outside of North America.
Tesla’s stock is down 43% this year at $227.54 U.S. per share.
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