Tesla

Tesla's long-awaited Cybertruck "remains on track to begin production later this year at Gigafactory Texas," the electric vehicle company promised Wednesday, in its latest quarterly financial report. 

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The assurance comes after years of delays. Tesla first unveiled its electric pickup truck in 2019, prompting more than 250,000 people to pre-order the truck within one week. As of November, more than 1.5 million customers have reserved a Cybertruck, according to Electrek. 

As consumers wait for the Cybertruck, more mainstream car brands are starting to debut their own electric pickups. Back in April, Ford began rolling out the F-150 Lightning. Earlier this month, Ram unveiled the Ram 1500 Revolution, with the promise to begin production in 2024. 

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Tesla did begin production last year of electric semi trucks, but the company hasn't unveiled a new consumer vehicle model in years. 

In its Q4 report on Wednesday, Tesla added: "Our next generation vehicle platform is under development, with additional details to be shared at Investor Day (March 1 2023)."

Tesla reported record revenues and net income for the fourth quarter of 2022. For the entire year, total revenue grew 51% year-over-year to$81.5 billion, and net income (GAAP) more than doubled to$12.6 billion.

Also: Which Tesla is right for you? The top S, 3, X, and Y models compared

The company also on Wednesday defended its recent aggressive price cuts, acknowledging that selling prices "have generally been on a downward trajectory for many years." 

It continued: "Improving affordability is necessary to become a multi-million vehicle producer."

Tesla is "accelerating our cost reduction roadmap and driving towards higher production rates," it added.

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