Telsa delays production of Cybertruck to 2023: source

Tesla is once again delaying initial production of its Cybertruck.

A source exclusively told Reuters on Thursday that a plan to begin production later this year was pushed back to early 2023.

The source told Reuters that with competition heating up in the electric pickup market.

Tesla wants to make changes to the Cybertruck's features and functions in order to make what the source called a 'more compelling' product.

CEO Elon Musk unveiled the futuristic-looking truck in 2019, and had already pushed back production from late last year.

The company did not immediately respond to a request for comment.

Though Tesla is the world's top electric car maker, it's so far missed out in the market for electric pickup trucks - hugely popular and profitable in America.

Rival Ford Motor said earlier this month it's doubling production capacity of its own line of electric pickups, ahead of its arrival this spring at U.S. dealers.

Ford's market value breached $100 billion for the first time on Thursday, while Tesla shares fell 6.7%.

Musk has said he will provide an updated product road map on Tesla's earnings call later this month.

Tesla plans to make a limited production of the Cybertruck at its factory in Texas, which is expected to also begin producing Model Y cars early this year.