Tesla Cybertruck Reservations Are Worth Billions

It's been exactly two years since theTesla Cybertruckwasrevealed. Reservations immediately began pouring in even though a launch date had to be confirmed. Over 250,000 reservations came in the first week alone. As usual with Tesla, there have been delays but the Austin, Texas Gigafactory where the truck will call home is nearing some level of completion. Alate 2022 production startis the latest goal. In the meantime, Tesla continues to accept Cybertruck reservations and people's deposits.

According toElectrek, Tesla currently has a backlog of around 1.27 million Cybertruck reservations worth at least $80 billion. A majority of reservation holders want the Dual and Tri motor setups as opposed to the entry-level single-motor design.

The latter should carry a starting price of $39,000. But the data indicates the average retail price is currently at $58,000. Placing a reservation requires only a $100 refundable deposit. There's no serious commitment on the customer's side, meaning not all reservations will become orders. Still, that significant number of prospective buyers means Tesla needs to get production up and running sooner rather than later.

A number of new rivals from legacy automakers are on the one way. One has already debuted and will be on the road this spring: theFord F-150 Lightning. GM and Ram are expected to follow in 2023.