Electric vehicle giant Tesla has just announced a new update about the Cybertruck’s production rates, further revealing that the electric pickup remains on track toward profitability by 2025.
Cybertruck production progress
Tesla indicated in its Q2 2024 Update that the production rate of the stainless steel all-electric pickup has increased by more than threefold.
The Musk-led electric automaker also declared that the Cybertruck will achieve profitability by the end of 2024, hinting at substantial financial gains as its production and customer deliveries continue to gain momentum.
“Cybertruck production more than tripled sequentially and remains on track to achieve profitability by end of year.”
Tesla
Despite only launching on November 30 last year, Tesla managed to substantially boost Cybertruck production while ensuring profitability targets.
Tesla’s headway over startups
Ramping up electric vehicle production while generating profits is undoubtedly a very complex task.
Tesla, being an electric vehicle technology pioneer, is one of the very few industry players across the world to actually gain earnings on its automotive business.
In contrast, EV startups like Rivian and Lucid remain in the quest to achieve profitability. To be specific, Lucid reportedly loses more than $200,000 on each electric car it produces. It manages to sustain its operation with the aid of its major investors, like the affiliates of the Saudi PIF.
On the other hand, Fisker has already filed for bankruptcy as it failed to achieve its targets and to secure additional investors.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
Fisker spokesperson said in a statement
Growing customer demand
Tesla’s success in boosting the Cybertruck production rate implies that the company can further intensify its customer delivery push, bringing it closer to profitability.
Impressively, the Tesla Cybertruck became the top-selling electric pickup in the US market in Q2 2024.
While Tesla has not released the Cybertruck’s official sales figures, two recent safety recalls offered a good indication of the number of deliveries in the said period.
X user @TeslaTruckClub calculated that the Cybertruck deliveries hit at least 12,408 units by June 30 based on the safety recalls data: “3,878 units delivered by April 4, 11,383 by May 26, and 11,688 by June 6, with an average of 30 deliveries per day between May 26 and June 6.”
Rival Ford F-150 Lightning only sold 7,902 units, while Rivian delivered 13,790 R1T and R1S units in the second quarter. Rivian previously disclosed that R1S SUVs account for about 70% of their reservations, hinting that R1T sales would be below that of the Cybertruck.
Tesla listed Cybertruck production at “greater than 125,000 units” on its latest Shareholder Deck.
