Tesla plans to begin initial production of its much-anticipated Cybertruck by the end of the first quarter of 2023, postponing its plan to begin production later this year.

The delay is because the company is changing the features and functions of the electric van to create an attractive product as competition grows in the segment.

Company CEO Elon Musk, who unveiled the futuristic vehicle in 2019, had already delayed its production from late 2021 to late 2022.

Musk said he will present an updated road map of the product at Tesla's January 26 earnings press conference.

Tesla is expected to make a limited production run of the Cybertruck in the first quarter of 2023 before ramping up production.

Tesla has excelled at producing sedan electric cars and sport utility vehicles, but has failed in the truck segment, which is profitable and extremely popular in America.

Ford Motor and Rivian Automotive are ahead of Tesla in launching electric pickups.

Tesla plans to produce the Cybertruck at its Texas plant, which is expected to begin production of Model Y cars early this year.