Tesla's Cybertruck Pricing Shift
Tesla has made a strategic move by discontinuing orders for its most affordable Cybertruck model, which was priced at $61,000. Instead, it is promoting its more expensive $100,000 variant, ready for immediate order and swift delivery, as indicated on its website. This development is significant as both demand and supply metrics for the Cybertruck are critical focal points for Tesla's investors and enthusiasts, due to CEO Elon Musk's substantial investments in the truck's development and plans for producing 200,000 units annually.
High Demand but Limited Options
Elon Musk revealed that as of October, there were 1 million reservations for the Cybertruck. However, this demand primarily centers around the less expensive versions. Customers have voiced concerns that the prices are higher and the driving ranges are lower than what was initially anticipated. "This indicates that actual demand might be lower than anticipated," remarked Guidehouse Insights analyst Sam Abuelsamid to Reuters.
Sales Performance and Market Position
In July, Cybertruck sales hit a new record with nearly 4,800 units sold, marking it as the top-selling vehicle in the U.S., priced over $100,000, as per Cox Automotive. Despite selling over 16,000 units so far, maintaining high sales volume at such a price remains challenging, noted a Cox spokesperson.
Production and Delivery Updates
The Cybertruck, known for its distinctive trapezoidal design and stainless-steel body, began deliveries in November 2023 after years of delays and production challenges. Back in 2019, Musk had projected the truck would cost $40,000 and cover 500 miles on a single charge.
Currently, Tesla's website no longer lists the $61,000 Cybertruck model, previously available with a 250-mile range for 2025 delivery. The $99,990 dual-motor variant Foundation limited series, offering a 318-mile range, is expected to be delivered as soon as this month. Similarly, the $119,990 tri-motor Foundation Cyberbeast, with a 301-mile range, is set for availability in October. Abuelsamid mentioned, "Tesla is holding significant inventory of both dual-motor and tri-motor trucks at this time."
