Tesla launches Cybertruck, priced 50% higher than initial estimate

Four years after its initial introduction, Elon Musk's Tesla has finally launched the highly anticipated Cybertruck, delivering the first batch of vehicles to customers. The event took place at the company's headquarters in Austin, Texas, where Musk handed over the trucks to about a dozen individuals, expressing optimism about a new and exciting era for the automotive industry, according to The Verge.

During the event, Tesla provided updated information on the pricing, range, and features of the Cybertruck. The rear-wheel drive version, priced at $60,990, boasts a range of 250 miles on a single charge but won't be available until 2025. The dual-motor and tri-motor versions, dubbed "Cyberbeast," are expected to hit the market sooner in 2024 with enhanced power and performance.

The all-wheel-drive Cybertruck comes with a price tag of $79,990, a range of 340 miles, 0-60mph acceleration in 4.1 seconds, and a top speed of 112 mph. The tri-motor variant, priced at $99,990, promises 845 horsepower, 10,296 lb-ft of torque, and a range of around 320 miles.

Notably, the announced prices at the event surpassed Elon Musk's earlier estimate of the Cybertruck falling within the $50,000 price range. The electric vehicle's design was showcased in a video demonstrating its towing capabilities, pulling a Porsche 911 and outperforming another gasoline-powered 911 in a brief race.

Tesla shares experienced a 2% decline in extended trading following the event, settling at $240.08 after a 1.6% decrease earlier.

While Musk did not disclose the vehicle's prices during the event, Tesla's website listed the details. The high-performance 'Cyberbeast' and the all-wheel-drive trim, starting at approximately $80,000, are set to be available next year. The most affordable rear-wheel-drive version, starting around $61,000, is slated for release in 2025.

"This is going to appeal to a wealthier clientele that can afford the price point and wants something unique and quirky," commented Jessica Caldwell, head of insights at auto research firm Edmunds, acknowledging that this market segment might be limited due to financial constraints for a broader population.

With input from agencies