The new Cybertruck from electric car maker Tesla will finally hit the market at the end of November. Tesla announced that the first deliveries will take place after that. The long-awaited electric pickup truck, unveiled by CEO Elon Musk in 2019, is rolling off the production line two years later than Musk had initially hoped.
This is an important moment for Tesla. With the launch of the Cybertruck, Tesla is taking a step into one of the most profitable segments of the American market. The company will also compete with electric pickup trucks from Ford, Rivian, and others. Tesla says it has the capacity to produce more than 125,000 pickups per year.
This news comes at the same time as Tesla’s quarterly numbers. Things were not good, as the company’s profit margin fell to 17.9 percent. In the same quarter last year, Tesla was able to achieve a gross margin of more than 25 percent on each vehicle. Trading value increased by 9 percent to more than $23 billion.
The significant decrease in margin comes as a result of several price cuts implemented by Tesla in important markets, especially in China. Tesla does this to stimulate demand and stay ahead of the competition. Due to the sharp increase in inflation and rising interest rates, it has become difficult for many people to purchase an expensive electric car. Musk even warned last summer that the automaker would have to continue cutting prices if interest rates continued to rise.
In the third quarter, 435,059 vehicles were delivered to customers around the world. This was lower than in the second quarter of this year, when there were 466,140 births. According to Tesla, the decrease was related to planned work at factories. The company is committed to its goal of producing approximately 1.8 million vehicles in 2023.
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