Tesla Finally Delivers its First Cybertrucks

Tesla (TSLA) has finally delivered its first Cybertrucks to eager customers, an event that has been four years in the making.

In a live stream Thursday from its Texas headquarters, Elon Musk highlighted the vehicle’s utility and performance before letting the first owners drive their Cybertruck out of the plant.

Musk said recently there were more than 1 million customers on the waiting list, but he did not clarify pricing or the company’s production targets. Analysts at Wedbush said they expect it to be difficult to scale production of the trucks and don’t anticipate it moving the needle for the company this year.

Musk said it was “a better truck than a truck, and a better sportscar than a sportscar,” calling it the company’s “best product.” The audience cheered as the truck was shown beating a brand-new Porsche 911 in a drag race.

Tesla first launched the vehicle in 2019, promising to deliver them by late 2021. That was then pushed back to 2022, but the company had to steer its way through the pandemic and resulting supply chain issues.

Overall deliveries at the company slipped in the third quarter this year after shutting down production at key plants to retool its equipment for the Cybertruck.

Wedbush Securities analyst Dan Ives was bullish on the release, saying it “further shows the innovation, tech, and mind share lead Tesla has built with many OEM EV competitors globally.” However, he added in a research note it would not materially affect 2024 revenue.

The Verge was less enthusiastic, saying Tesla had “missed its moment,” as competition grows among electric trucks, the EV market cools and its Cybertruck has a high price tag.

“It stands proudly as the antithesis of what the market needs,” they added.

Tesla shares dropped almost 2% Thursday.