Elon Musk once stated that a smaller Cybertruck would make a lot of sense for Tesla, but he never pursued the idea further, at least not publicly. He simply stated that adding a smaller Cybertruck to the lineup would make sense in the long run, but that was in November of 2019 and we haven't heard anything since—the smaller model was never formally announced.
According to new information, Tesla is scheduled to present both variants during a special event in March 2022. Trip Chowdhry, an analyst with Global Equities Research and a prominent Tesla bull, broke the news. He recently stated that not only would the two models be presented in March, but that both would have "major modifications" in comparison to the first Cybertruck.
He didn't go into depth about the improvements, but he did indicate that the smaller Cybertruck is 15 to 20% smaller. Steel Dynamics of Texas, which is about 100 miles from Tesla's Texas Gigafactory, is said to be building both vehicles' shells.
According to Chowdhry, Tesla is unlikely to address any of this at its next earnings call on Wednesday, January 26. We'd also want to point out that you shouldn't anticipate Cybertruck deliveries to start this year, as a new report from Reuters places the start of sales in early 2023. (Production may begin around the end of this year).
According to the news agency, Tesla delayed the Cybertruck for so long in order to make significant design revisions after competing manufacturers introduced pickups with their own list of amazing characteristics and features. And, with other automakers known to be working on smaller Cybertrucks, there would undoubtedly be a market for one.
The smaller Cybertruck would compete with products such as the reported Ford Ranger EV and Nissan's own electric pickup in the same size range.