TSLA Stock News: Get Ready for the Cybertruck in 2023

  • Tesla (TSLA) CEO Elon Musk said that the firm’s Cybertruck would be produced beginning in mid-2023.
  • The Cybertruck’s timeline has been reportedly delayed previously.
  • Tesla was facing major supply problems at the end of May, Musk reported.
TSLA stock - TSLA Stock News: Get Ready for the Cybertruck in 2023

Source: shutterstock.com/Mike Mareen

Tesla (NASDAQ:TSLA) stock is on many investors’ minds today after the automaker’s very well-known CEO, Elon Musk, said that it had chosen a final design for its upcoming Cybertruck. Moreover, according to Musk, the truck will be produced starting in the middle of next year.

On a negative note, however, the CEO warned that two of the company’s major factories were burning billions of dollars due to supply-chain issues.

TSLA Stock: The Cybertruck’s Latest Timeline

The electric vehicle’s (EV) timeline has been postponed at least four times since Tesla introduced the concept in 2019. According to Elektrek: “A significant part of the delay has been attributed to Tesla updating the design of the Cybertruck on several occasions.” As a result, Musk’s statement about the truck’s design being “locked” should be viewed as good news for TSLA stock owners.

Importantly, however, the Cybertruck, even if it’s released next year, will face a significant amount of competition. Among the automakers that have already launched electric trucks are Ford (NYSE:F), General Motors (NYSE:GM), and Nikola (NASDAQ:NKLA).

Tesla’s Factories Are Hemorrhaging Money

On the other hand, Musk said, in a segment of an interview conducted in late May but released yesterday, that supply-chain issues, not competition, are the automaker’s major concern. He explained that two of the automaker’s recently launched factories  are “losing billions of dollars.”

The company’s plant in Texas was only manufacturing a small “number of cars… partly because some components for its batteries were ‘stuck’ at a Chinese port,” Musk stated. The German plant was also being hurt by supply-chain bottlenecks. The CEO added that Tesla was having a very difficult time coping with anti-coronavirus measures that were implemented in Shanghai.

On the positive side, however, Musk said he expected the problems to be resolved very quickly.

On the date of publication,  Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

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