Tesla Inc. TSLA CEO Elon Musk offered an update on the long-awaited news of the company Cybertruck at an event on Wednesday in connection with the announcement of the the company’s new engineering headquarters in Palo Alto, California.

What happened: Will there be a lack of excitement with Musk? Among the many issues he shared was the reiteration of the Cybertruck schedule. The billionaire confirmed the Cybertruck is coming later this year, calling the vehicle “epic.”

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There are quite a few pre-production units for audiences to check out, Musk said. “It will change the look of the streets,” he added.

Tesla’s official Twitter handle shared a collage showing the company’s evolution and captioned it, “Tesla began as a long-term startup founded 20 years ago in San Carlos. Now we are California’s largest employer in the manufacturing industry!”

Musk’s response to the tweet featured Cybertruck as the next vehicle in Tesla’s stable after the Semi, which went on sale late last year.

Why it matters: Cybertruck is expected to provide a boost to Tesla’s declining vehicle volume. While Wall Street is forecasting 92,000 units for 2024, actual shipments could be in the region of 200,000 units, which would add $0.40 per share to earnings per share, Future Fund said Gary Black called.

Earlier this month, in response to a video of the Cybertruck shared by Drive Tesla Canada, Musk said, “Lots of tweaks to make it better (and the side mirrors are owner removable), but this is very close to the production design.”

When it finally arrives, the Cybertruck will go up against it Rivian Automotive Inc.‘S RIVN R1T and Ford Motor Company‘S f Lightning EV pickup.

Price promotion: Tesla closed Wednesday’s session up 1.77% at $200.86, adding another 0.77% in after-hours trading Benzinga Pro data.

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