Tesla Cybertruck hits the market at $60,999, 50% more than initial estimate

Closing at $240.08, Tesla shares observe 2pc dip in extended trading after the launch
Tesla Cybertruck replica is seen in Mostar, Bosnia and Herzegovina September 4, 2020. — Reuters
Tesla Cybertruck replica is seen in Mostar, Bosnia and Herzegovina September 4, 2020. — Reuters

After a four-year delay, the eagerly anticipated Tesla Cybertruck has finally reached its initial batch of customers.

Elon Musk, Tesla CEO, hosted a delivery event in Austin, Texas, showcasing the truck with bulletproof doors and impressive speed.

Elon Musk has mentioned that the truck, crafted with stainless steel and featuring flat planes, is an inspiration of a car-submarine featured in the 1977 James Bond film "The Spy Who Loved Me," Reuters reported.

However, Musk, pricing the three variants of the vehicle from $60,990 to $99,990, claimed that the Cybertruck offers "more utility than a truck" and is "faster than a sports car."

After Musk estimated in 2019 that the Cybertruck would sell for $40,000, the vehicle drew more than a million reservation holders who put down $100 deposits.

He did not announce the vehicle's prices at the event, but Tesla's website listed the prices. Its highest performance variant, the 'Cyberbeast' will be available next year, as will the all-wheel drive trim that starts at an estimated $80,000. Meanwhile, the top-tier "Cyberbeast" is priced at $99,990 with an estimated range of 320 miles.

"Finally, the future will look like the future," he said about the truck's design, showing a video of the Cybertruck towing a Porsche 911 and beating another gasoline-powered 911 in a short race.

During the launching event in Austin, Texas, the Tesla boss drove a Cybertruck, receiving enthusiastic cheers from the audience, and handed over vehicles to around a dozen customers.

Originally planned for late 2021 production, the timeline was pushed back due to supply chain shortages and manufacturing challenges.

However, prototype versions of the Cybertruck were disclosed this year, causing excitement for its distinct, oddly-crafted shape. The windshield wiper alone has become a topic of interest.

Following the launch, Tesla shares observed a drop of 2pc in extended trading after closing off 1.6% at $240.08.