Tesla updated its Cybertruck production rates as the company reported its Shareholder Deck for Q2 2024, stating the pickup’s manufacturing rate “more than tripled sequentially.”
Tesla also claimed the Cybertruck will be profitable by the end of the year, meaning huge financial implications as the pickup’s manufacturing and deliveries both gain steam.
The Cybertruck is still working through its earliest stages, and less than a year after deliveries began, Tesla has been able to increase production of the vehicle while also moving toward profitability.
Tesla updated investors in its Q2 2024 Shareholder Deck:
“Cybertruck production more than tripled sequentially and remains on track to achieve profitability by end of year.”
It is extremely difficult to scale production to the point that you’re making money on every unit a company builds. Tesla is one of the few global automakers that makes money on its business. Younger companies like Lucid and Rivian are still working through those stages, which takes years of steady demand and an ability to fulfill deliveries.
Lucid loses over $200,000 on each vehicle it builds. It is bolstered financially by wealthy backers like the affiliates of the Saudi PIF.
Tesla is ready to do something with the Cybertruck in just over a year of production that other companies struggle with: turning a profit.
Tesla has been able to scale its business on Cybertruck, and improving production rate means more deliveries can take place and the company moves closer to profitability.
According to several reports, the Cybertruck was the best-selling EV pickup in the U.S., despite Ford’s claim that it is still the F-150 Lightning. Long-term, the Cybertruck’s quick shift toward profitability will help resolve any negatives Tesla would have on its quarterly spreadsheet. While Tesla reported a strong quarter, many analysts believe the Cybertruck moving closer to profitability will help long-term investors “take their medicine” when it comes to lower-than-usual margins.
Paul Marino of GraniteShares said:
“AI and robotaxi is such a huge opportunity over the next two, three, five years. So if you’re a long-term believer, you’re going to take the margins like your medicine.”
Tesla listed Cybertruck production at “greater than 125,000 units” on its Shareholder Deck.
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