Electric vehicle company Tesla Motors, Inc.(TSLA.US) will begin deliveries of the highly anticipated Cybertruck pickup truck Thursday.

A leading analyst shares thoughts and estimates for the vehicles ahead of the event.

The Tesla Analyst: Wedbush analyst Dan Ives has an Outperform rating and a price target of $310 on Tesla.

The Analyst Takeaways: Tesla’s event is "long awaited," Ives said, describing it as a big moment for CEO Elon Musk.  

"This is another historical moment for Tesla and Musk with the Cybertruck unveil as the Street is excited to see the formal vehicle launch featuring the dual-motor trim and its top-level tri-motor AWD performance model along with updates regarding production and scaling of the Cybertruck platform," Ives said.

Tesla is expected to deliver 2,000 to 3,000 Cybertruck units in the fourth quarter of 2023. The company will reach the 10,000-per-quarter mark in the first half of 2024. Estimates from Tesla call for annual production of 250,000 units by fiscal year 2025.

Ives highlighted several features of the Cybertruck in the updated note, including the durability of the vehicle, and its stainless-steel structure and armored glass.

"The Cybertruck rigid external steel is designed to eliminate the probability of dents, damage, and long-term corrosion while also being bulletproof, providing additional security."

Ives said he believes pricing for the Cybertruck will be shared during Thursday's event with a range of $50,000 to $80,000. Tesla previously gave pricing ranges of $39,900 to $69,900 when the vehicle was first unveiled in 2019.

The analyst said the ramp-up of production of the Cybertruck "will be difficult." The Austin, Texas-based company doesn't expect the vehicle to be cash flow positive for 12 to 18 months.

"Launching Cybertruck is important for the broader Tesla growth story over the coming years, and also will prove to the doubters that Musk can successfully expand the Tesla halo effect as more consumers head down the EV path over the coming years."

The Cybertruck launch shows how Tesla’s OEM rivals are "still on the treadmill stuck in neutral," Ives said.

TSLA Price Action: Tesla shares trade at $247.12 versus a 52-week trading range of $101.81 to $299.29. Shares of Tesla are up over 120% year-to-date in 2023.