San Francisco, Jan 26: Elon Musk-owned Tesla won't see the long-awaited Cybertruck go into full volume production until 2024, the media reported.

When Musk was asked about the forthcoming vehicle will meet a mid-2023 production target that was set in Q2 last year, he replied that Cybertruck production would start "sometime this summer", but concluded that mass production wouldn't begin until next year, reports The Verge. Tesla Sales Up 51% in 2022, Net Income Doubles Amid Elon Musk's Twitter Saga.

"I always try to downplay the start of production. It increases exponentially, but it is very slow at first," Musk was quoted as saying. Tesla Model S, Model X Launch Date in China, Price and Delivery Details Revealed.

The Cybertruck was first announced in 2019 to widespread interest, but its production has been repeatedly delayed.

Pre-production was supposed to begin in late 2021, but was pushed back due to the Covid-19 pandemic. It was then scheduled for sometime in 2023, according to a projection made a year ago.

Furthermore, Musk told investors last year that the Cybertruck's specifications and price "will be different", said the report.

Meanwhile, in the fourth quarter (Q4) of 2022, the company beat Wall Street revenue estimates, registering $24.3 billion in revenue, a 37 per cent increase from the same quarter last year, and earned $3.7 billion in net income.

"As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates," Tesla said.

(The above story first appeared on LatestLY on Jan 26, 2023 02:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).