Tesla sets Cybertruck starting price at nearly $61,000

STORY: “Finally the future will look like the future”

On a darkened stage in Austin, Texas, Tesla CEO Elon Musk introduced the long-delayed Cybertruck and delivered the first new electric pickups to customers.

The low-cost model starts at roughly $61,000, still more than 50% higher than the price Musk had touted in 2019.

He said the Cybertruck has a 6-foot long, 4-foot wide truck bed, 2,500 pounds in payload capacity, 11,000 pounds towing capacity, and a 17-inch ground clearance.

“Useful truck, not a grandstanding showpiece like me (laughter)”

The event comes weeks after he tempered investor expectations citing problems in ramping production of what he called a "radical" product.

Cybertruck, Tesla's first new model in nearly four years, is critical to its reputation as a maker of innovative vehicles.

At a time when the company is battling softening electric vehicle demand and rising competition, Cybertruck is also key for generating sales, though not to the extent of the company's high-volume Models 3 and Y.

According to Tesla’s website, the low-cost truck won’t be available until 2025 while higher priced models will debut next year.

Experts say Cybertruck's new body material and unconventional, futuristic styling add complexity and costs to production, and threaten to alienate traditional pickup truck buyers who focus on utility.

Tesla tried to display the usefulness of the new vehicle in a video it ran showing the Cybertruck pulling a 40,000 pound sled farther than trucks from Ford and Rivian.

It has drawn more than a million reservation holders who have put down $100 as deposits.