Tesla, Inc. (NASDAQ: TSLA) is unlikely to meet the production start timeline for its much-awaited Cybertruck, as per a report by Reuters. The plan seems to have been shifted towards the end of the first quarter of 2023 from late this year.
Notably, the electric carmaker has also omitted the mention of 2022 from its order website. Till December 2021, the site said, “You will be able to complete your configuration as production nears in 2022.”
Citing people familiar with the matter, the news agency said that the halt in the production was due to plans to change some of the features and functions in the vehicle to counter the growing competition in the segment. The delay could also be attributed to the global shortage of semiconductor chips and the rapid spread of the Omicron variant.
CEO Elon Musk first introduced Cybertruck in 2019. Since then, the vehicle has missed the production date twice. The company is expected to provide a detailed roadmap for it during the upcoming earnings call on January 26, 2022.
Wall Street’s Take
Recently, New Street analyst Pierre Ferragu maintained a Buy rating on Tesla with a price target of $1,580 (53.2% upside potential).
Ferragu is of the opinion that 2022 will be a good year for Tesla, as “the Shanghai plant is ramping up, along with Berlin and Texas coming online.” The analyst added that all three units are likely to bring Tesla’s total production run rate to over 1.8 million at the end of 2022 unless chip supply constraints worsen and create a significant headwind.
Consensus among analysts is a Moderate Buy based on 16 Buys, 9 Holds and 6 Sells. The Tesla stock prediction stands at $1,049 and implies upside potential of 1.7%.
TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance.
According to the tool, in December, the Tesla website recorded a 9.6% monthly increase in global unique visits, compared to the previous year. Likewise, year-to-date, the website traffic has grown 19.5% against the same period last year.
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