Just months before the first Cybertruck was delivered to customers, Tesla CEO Elon Musk talks to investors And said he wanted to “tame expectations” about the polarizing vehicle.
“It's a great product, but economically, I don't know, it will take a year to 18 months to become a significant positive cash flow contributor,” Musk said in the October 2023 call. But Musk, ever the showman, couldn't stop himself from doing some publicity.
“The demand is off the charts,” he said. “We have over 1 million people who have reserved a car.”
But more than a year later, that demand appears to be waning.
Yesterday, Tesla reported its fourth quarter production and delivery numbers for 2024, giving us a complete picture of the Cybertruck's first full year of sales. Tesla doesn't break out the Cybertruck numbers specifically, but instead combines them with its two older vehicles, the Model S and Model
Tesla said it produced 94,105 vehicles in that range in 2024, of which 85,133 were delivered to customers. Kevin Roberts, director of economic and market intelligence at CarGurus, estimates that there were between 35,000–50,000 “other model” Cybertrucks sold during the year.
“How you look at the Cybertruck depends on what your expectations were,” Roberts told me. “If you thought it would be a large-volume vehicle, a la the Ford F-150 competitor, it has not turned out to be a large-volume competitor. But if you compare it to a lifestyle pickup or a Ford F-150 Lightning, I think it's done pretty well.
And yet, the Cybertruck will not contribute meaningfully to Tesla's growth in 2024, as shown by the fact that The company informed Its year-on-year sales declined for the first time in more than a decade.
Cybertruck won't contribute meaningfully to Tesla's growth in 2024
Musk claimed that more than 1 million people have reserved a Cybertruck, and so far, there have not been 1 million Cybertrucks on the road. Of course, it's still early days for the angular EV, and it may yet prove successful. But Tesla, after initially asking for $1,000, lowered the deposit reservation to $100, leading to an increase in reservations among people who probably weren't going to buy it.
And then the Rocky rollout happened: Cybertruck's viral video get stuck in snow or sand; countless memories (seven since its launch in December 2023), including one related to faulty accelerator pedaland Musk's emergence as a Donald Trump's staunch supporter And a purveyor of racist, right-wing conspiracies.
Still, the Cybertruck seemed to be coming out of the gate strong. It was America's best-selling electric truck in the second quarter of 2024, Third best selling EV in the country in Q3and the best-selling vehicle priced over $100,000 in the first half of the year.
In July, it is approximately combined sales tallied Among all the other electric trucks on the market, including the Ford F-150 Lightning, Rivian R1T, GMC Hummer EV, and Chevy Silverado EV. But some analysts suggested Tesla may have been filling a backlog of old orders at the time, suggesting the sales numbers were not related to increased demand.
But as the years went on, evidence emerged that the Cybertruck may already have passed its peak. were there actual report Cybertrucks are gathering at the used car lot. Tesla Cybertruck factory workers in Austin Told to stay at home For three days in December.
“It hasn't become competitive in a big way.”
Meanwhile, dozens of limited edition Foundation Series Cybertrucks, the first version of the truck to go on sale, were accumulating in the automaker's inventory, leading Tesla to reportedly debut. buffing the badging Discontinued so that they can be sold as regular models. And the price of a used Cybertruck continues to fall: an average of $104,300 as of Dec. 30, down from $107,800 a month earlier, according to CarGurus.
“What's happening is with used Cybertrucks and we're seeing the number of those vehicles increasing by the day,” says Roberts. “And the average price of a used Cybertruck is declining.”
A brand-new Cybertruck is still very, very expensive: Leasing starts at around $900 per month, while someone interested in purchasing the all-wheel drive base model will be looking at at least $90,000.
Image: Omar Shakir/The Verge
And while the Cybertruck recently qualified for a $7,500 federal EV tax credit, that benefit is likely to be short-lived, Since Trump is expected to drain credibility -With Musk's support. Musk still has a few more months to live up to his 2023 claim that the Cybertruck will be a “significant cash flow contributor” within 18 months – but the outlook looks grim.
Tesla could follow up the hugely successful Model Y with an even more affordable EV, which many analysts and investors were expecting. But instead, Musk ushered in extreme polarization, suspiciously constructedLifestyle vehicle that will probably never sell as many units as its predecessors.
“Despite Tesla's big decline in sales, the Model Y is one of the top five selling vehicles in the US,” says Roberts. “So they can get vehicles in larger quantities. The Cybertruck is no longer the same. And in 2025, it will face some headwinds which may make it a challenge to reach that kind of volume position.