Tesla released its Shareholder Deck ahead of its Q2 2024 earnings call, and the news around the Cybertruck is all good.
Production and deliveries of the vehicle continue to increase, and, importantly, Tesla is on track to become profitable on the Cybertruck by the end of 2024.
According to Tesla:
“Cybertruck production more than tripled sequentially and remains on track to achieve profitability by end of year.”
Tesla also confirmed that the production of the Cybertruck is now greater than 125,000 units, which means we should see steady deliveries continue through Q3.
This is huge news as Tesla has done what most other auto manufacturers could not: turn a profit in just over a year of producing a new EV.
The overall forecast for Tesla is clouded a bit due to lower-than-usual margins expected this quarter. However, many analysts believe that the news around the Cybertruck, AI and the future robotaxi side of the business should be enough to keep long-term investors firmly invested in Tesla’s future.
GranitShares Paul Marino said this in relation to investors’ worries:
“AI and robotaxi is 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.”
Either way, the positive news around the Cybertruck is excellent, and we will see how much longer Ford can maintain their claim, albeit challenged by several reports, as the best-selling EV pickup in the US. If production continues, 2024 could be the year of the Cybertruck.
