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Tesla Stock Falls Ahead of Cybertruck Event

Shares of Tesla retreated Thursday ahead of a planned event at its Austin, Texas, factory to commemorate the first deliveries of its long-awaited Cybertruck.

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The truck—with its distinctive, angular design and stainless-steel exterior—is Tesla’s first new passenger vehicle in more than three years, extending a lineup that already includes the Models S, 3 and X, as well as a semi truck.

Not the perfect timing, as it arrives as the industry is confronting questions about electric vehicle demand, with Tesla and other manufacturers turning to discounts to spur sales.

Tesla’s shares recently stood 2% lower. They have climbed in 2023, rising 98% through Wednesday’s close.

As to the Cybertruck:

Tesla Chief Executive Elon Musk said last month that he expects to eventually produce about 250,000 of the pickups a year, but not until at least 2025.

The price at launch is unclear. It was originally to start at just under $40,000 for a base model and, potentially, range above $70,000. The prices at launch are expected to be higher.

The truck was originally due for release in 2021, but encountered several delays. Several competitors have launched their own electric pickups; Ford, which makes the F-150 Lightning, has cut prices on that vehicle.

Musk has said the Cybertruck will be Tesla’s “best product ever.” Tesla in October warned of challenges in the large-scale production of the truck as it reported a more-than-40% decline in third-quarter net profit.

Image: Tesla