Tesla Cybertruck to Make its Long Awaited Launch in the US Markets

Sunday - October 1 2023, 13:50 UTC - 1 year ago

Tesla is set to launch its all-electric pickup truck, the Cybertruck, in the US market. The launch has been a long time coming as the carmaker unveiled the vehicle in 2019 with the promise of a 2021 launch. Rivian CEO RJ Scaringe welcomed the new entrant to the market and said that the introduction of such a product is healthy. The estimated number of pre-orders for the Cybertruck stands at 1.9 million. Sales of electric cars have been surging in the US, with electric cars, plug-in hybrids, and fuel cell vehicles accounting for 8.9% of the US market during the first half of 2023.

As news comes in regarding Tesla gearing up to launch its much-awaited and long-delayed Cybertuck EV in the United States of America, one of its chief rivals Rivian opined that there's enough room for all the players to co-exist in the all-electric pickup segment. The comments were made by Rivian's CEO RJ Scaringe at the Code Conference 2023. The firm was the first to introduce an all-electric pickup in the US market in the US.

The new EV's release is imminent after reports revealed that Cybertruck launch event clothing was being distributed to their staff in the United States of America, according to InsideEVs. Customers eager to get their hands on the Tesla Cybertruck breathed a sigh of relief after the company rolled out its first production variant from its Gigafactory in Texas this July. Musk had predicted early that Tesla would host a delivery ceremony for Cybertruck at the end of Q3, which is now just days away.

The carmaker unveiled the vehicle in 2019 with the promise of a 2021 launch. Four years later, it is finally set to hit the market. In the meantime, rivals like GMC, Ford, Chevrolet, and Rivian have caught up with their all-electric pickup offerings in the US market. Tesla has revealed that more than 1.9 million pre-orders have been received by the company for the Cybertruck till now.

Cybertruck will directly rival Rivian's R1T or the R1S, Chevrolet Silverado EV, Ford F-150 Lighting, and GMC Hummer EV.

Unlikely to overlap .

Scaringe voiced his view that the demand for such vehicles is going to rise helping to accommodate more players in the market. "Our success doesn't require someone else's failure and vice-versa", said Scaringe to Verge. The founder of the California-based firm brushed aside the possibility of the new Cybertruck becoming a direct competitor to its own offers. "If you were to think of like the Venn diagrams of customers, there's probably not a lot of overlap. But, I think it's great that a product like that exists in the world", said Scaringe.

Welcoming the new entrant to the market, he said that the introduction of such a product is healthy "if we truly want to electrify everything that's produced", and that "it's great to see something that's so different." .

Rivian has managed to capture a huge market share in the segment with its first-mover advantage to achieve encouraging numbers. A total of 23,387 vehicles were made and 20,586 were delivered by the firm in the first half of the current year. The company anticipates that its production numbers will touch 50,000 units by the end of the year. The firm had secured the order to supply 100,000 electric delivery trucks to Amazon, which has significantly helped to boost its sales numbers.

Surging demand .

According to figures provided by the Alliance for Automotive Innovation, an industry trade group, sales of electric cars, including plug-in hybrids and fuel cell vehicles, accounted for 8.9% of the U.S. market during the first half of 2023, an increase of 2.6 percentage points from a year earlier.

Tesla has managed to outsell all other models offeriing electric vehicles globally, which has resulted in a major surge in demand for electric cars in general. The addition of the wildly successful Tesla Cybertruck, with an estimated number of pre-orders standing at 1.9 million, only serves to fuel that demand.