After slogging through years of delays and redesigns, the Tesla Cybertruck can finally be seen on public roads starting in November, the company announced in its Q3 investor deck. Deliveries of the long-awaited luxury EV SUV will begin to select customers starting November 30, before the vehicle enters full production next year at its Texas Gigafactory.
For its existing model lines, Tesla's production and deliveries are both down this quarter, about seven percent or roughly 30,000 units compared to Q2, but still significantly higher year over year, up ~100,000 units, over 2022. The EV automaker has slashed the prices on its vehicles repeatedly this year, first in March, then again in September (taking a full 20 percent off the MSRP at the time) and once more in early October. The Model X, for example, began 2023 retailing for $120,990 — it currently lists for $79,990. The models S (now $74,990), Y ($52,490, down 24 percent from January) and 3 ($38,990, down 17 percent) have all seen similar price drops. In all, Tesla reports its cost of goods sold per vehicle decreased to ~$37,500 in Q3.
Musk had previously explained his willingness to drop prices and endure reduced margins if it translates to increased sales volume. “I think it does make sense to sacrifice margins in favor of making more vehicles,” he said in July. The automaker did miss its
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023 volume target of around 1.8 million vehicles remains unchanged,” Tesla wrote in an October press statement. The company delivered some 435,059 vehicles globally in Q3.
The company continues to increase its investments in AI development as well, having "more than doubled" the amount of processing power it dedicates to training its vehicular and Optimus robot AI systems, compared to Q2.
This is a developing story. Please check back for updates.
This article originally appeared on Engadget at https://www.engadget.com/tesla-begins-cybertruck-deliveries-on-november-30-210430697.html?src=rss
For its existing model lines, Tesla's production and deliveries are both down this quarter, about seven percent or roughly 30,000 units compared to Q2, but still significantly higher year over year, up ~100,000 units, over 2022. The EV automaker has slashed the prices on its vehicles repeatedly this year, first in March, then again in September (taking a full 20 percent off the MSRP at the time) and once more in early October. The Model X, for example, began 2023 retailing for $120,990 — it currently lists for $79,990. The models S (now $74,990), Y ($52,490, down 24 percent from January) and 3 ($38,990, down 17 percent) have all seen similar price drops. In all, Tesla reports its cost of goods sold per vehicle decreased to ~$37,500 in Q3.
Musk had previously explained his willingness to drop prices and endure reduced margins if it translates to increased sales volume. “I think it does make sense to sacrifice margins in favor of making more vehicles,” he said in July. The automaker did miss its
“A sequential decline in volumes was caused by planned downtimes for factory upgrades, as discussed on the most recent earnings call. Our 2023 volume target of around 1.8 million vehicles remains unchanged,” Tesla wrote in an October press statement. The company delivered some 435,059 vehicles globally in Q3.
The company continues to increase its investments in AI development as well, having "more than doubled" the amount of processing power it dedicates to training its vehicular and Optimus robot AI systems, compared to Q2.
This is a developing story. Please check back for updates.
This article originally appeared on Engadget at https://www.engadget.com/tesla-begins-cybertruck-deliveries-on-november-30-210430697.html?src=rss
