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Tesla Falls As Musk Admits To Key Delays | Investor’s Business Daily

Tesla (TSLA) CEO Elon Must reportedly confirmed that the Cybertruck won’t be available until late 2022. He also said via Twitter that the Roadster won’t come out until 2023. TSLA stock was down.




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The Cybertruck’s new timeline was apparently discussed at an employee meeting, according to an Electrek report on Thursday, citing sources.

Indeed, Tesla’s order page confirms that the configurator will be available when “production nears in 2022.”

Additionally, Musk said he doesn’t expect volume production to be achieved until late 2023. The delay suggests that the 4680 battery cells that power the Cybertruck are still far off from mass production.

The admission comes after Musk repeatedly assured that the Cybertruck would be available at the end of 2021. As recently as late July, during a Q2 earnings conference call, Musk kept the same timeline.

Tesla’s Cybertruck was unveiled in 2019. It was once seen as perhaps being the first to market. But Ford (F) appears poised to beat it to the punch. It expects to start delivery of its all-electric F-150 in spring 2022.

Meanwhile, Musk said in a tweet on Sept. 1 that the new Roadster should enter the market in 2023, “assuming 2022 is not mega drama.” Tesla unveiled the second-generation Roadster in 2017.

He blamed all the delays on parts supply crunches, which have been hampering production across all automakers: “2021 has been the year of super crazy supply chain shortages, so it wouldn’t matter if we had 17 new products, as none would ship.”

Tesla Stock

Shares fell 0.3% to 730.63 on the stock market today. Tesla stock topped an aggressive buy point of 730 on Monday, according to MarketSmith chart analysis. The buy zone extends to 766.50.

Last month, shares bounced above a test at the converged 50-day and 200-day lines, a bullish sign. Tesla is a Leaderboard stock.

Tesla’s relative strength line is going sideways, but back near recent highs. Its RS Rating is 86 out of a possible 99, while its EPS Rating is 72.

Among American carmakers making a big push into EVs, General Motors (GM) slipped 0.2% and Ford (F) was down 0.3%. Recent IPO stock Lucid Motors (LCID) rose 2.8%.

China-based rivals Nio (NIO) was mostly unchanged, Xpeng (XPEV) fell 2.2% and Li Auto (LI) dropped 2.4%.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.

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