The findings from the Morgan Stanley report discussed six key considerations that were essential for the electric vehicle (EV) company to meet for this target to be reached:
- Capacity expansion
- New model unveiling/ramp
- Saas/mobility transparency
Morgan Stanley analyst Adam Jonas stated: “We forecast 1,000 units of Cybertruck in FY21, ramping to 20k in FY22, 50k in FY23 and just under 100k in FY25.”
To Tesla bulls, these figures seemed conservative. Chief executive officer Elon Musk said he expects demand for the Cybertruck to reach levels never previously witnessed by Tesla, which highlighted his intense confidence considering the sky-high demand for the Model 3 at the time.
Putting Jonas’ observations into perspective, producing 100,000 Cybertrucks in one year would only mean the company was manufacturing less than 2,000 Cybertrucks a week by 2025. For comparison, Tesla rival Ford Motors produces 1,000 trucks a day.
How many Cybertrucks does Tesla expect to manufacture?
Tesla has not yet given an exact target annual output for Cybertruck production. The electric vehicle maker is currently working on the truck’s production at its Gigafactory in Texas.
This factory has been nicknamed the ‘Tesla’s Cybertruck Factory’ as a section of the plant will be dedicated to the production of the vehicle.
Will Tesla continue to grow?
Tesla is in high-growth mode as the company is constantly innovating and developing new products.
In 2020, the company spent $1.4 billion on research and development and plans to do the same this year. This huge expenditure will allow for future innovation and growth.
Tesla’s expansion into the Chinese market was a strategic business move for the company and one that will allow for further growth across the world.
How many vehicles did Tesla deliver in 2020?
Tesla delivered just under 500,000 vehicles in 2020 as promised, with management expecting annual delivery growth of 50% going forward.