Tesla begins Cybertruck deliveries with inflated pricetag

The news: Elon Musk has announced the start of deliveries of Tesla's long-delayed Cybertruck electric pickup at an event in Austin.

The numbers: After saying in 2019 the truck would be priced at USD40,000 ($60,500), the cost of Cybertruck's base model has been set at USD60,990 and won't be available until 2025. Tesla also announced a mid-level version at USD79,990, rising to USD99,990 for the premium "Cyberbeast" edition. Cybertruck has drawn more than a million reservation holders, while Tesla have now more than doubled the price of deposits from $US100 to $US250. In the event that was livestreamed on X, the billionaire said Tesla was likely to reach a production rate of roughly 250,000 Cybertrucks a year in 2025.

The context: Musk's announcement comes weeks after he tempered investor expectations by detailing production problems for Tesla's first new model in nearly four years. The Cybertruck is thought to be integral to generating sales for Tesla at a time when softening demand for elective vehicles and rising competition is impacting the business.

What they said: Shortly after the event, Musk posted on X: "Massive congrats to the incredible Tesla team, from design through to manufacturing, for making Cybertruck real! I love you."