Tesla (NASDAQ:TSLA) stock is falling on Friday despite the electric vehicle (EV) company holding a launch event for its new Cybertruck on Thursday.
It looks like investors in the EV company weren’t overly impressed with what was shown off during that event. That might be due to high prices and long delivery times for the Cybertruck.
Starting with those prices, the cheapest version of Cybertruck comes in at about $61,000. There are also two other versions of the EV with more features that will cost more money. The most expensive of the two, the Cyberbeast, has a starting price of around $100,000.
While Tesla says the more expensive versions of the Cybertruck will be available for delivery next year, the same isn’t true for the least expensive model. Consumers looking to buy the least expensive Cybertruck will have to wait until 2025 for deliveries to start.
TSLA Stock: Cybertruck Delivery Issues
Part of the problem with deliveries comes from the production of the Cybertruck. Its body has unique problems due to it being stainless steel. As such, Tesla CEO Elon Musk doesn’t expect the company to hit its goal of 250,000 Cybertrucks produced each year before 2025, The Wall Street Journal notes.
Bernstein analysts also weighed in on Tesla’s production woes in a note to clients:
“Tesla has a product problem – i.e., an older line-up that does not address enough of the market, and has no new mass market offerings until likely late 2025.”
All of this news has TSLA stock down nearly 1% as of Friday afternoon.
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On the date of publication, William White 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.
