Photo: Tesla
Tesla bragged about "over one million reservations" and how it would take years to quench demand for the Cybertruck. However, one year after deliveries started, demand evaporated before production fully ramped up. If you now order a Tesla Cybertruck, you can drive it by Thanksgiving, with no reservation required.
The Cybertruck remains controversial as Tesla is approaching its second production year. Deliveries started at the end of November 2023 with the expensive Foundation Series models, suggesting the demand for the Cybertruck was insane. Everyone wanted a Cybertruck, and people were willing to pay over $250,000 just to get one to show off on social media. The Cybertruck was an Insta-sensation, with celebrities lining up to get one before everyone else.
At the time, Tesla bragged about the million-strong reservation numbers, which ensured that Tesla would need years to clear the backlog. Of course, nobody expected that all reservations would translate into Cybertruck orders. However, people still believed that a yearly production pace of 50,000 units would mean the Cybertruck would be sold out by at least 2027.
That was one of the reasons why people considered paying for the Foundation Series Cybertruck even when learning that it might soon come to an end. After all, everybody thought most on the reservation list were waiting for the Foundation Series before placing an order at a more affordable price. And when that happened, there would still be a million people who put a reservation early on. It would take like forever before new orders are taken into account.
Oh, how the mighty have fallen. Tesla stretched the Foundation Series Cybertruck for as long as it could, expanding to Canada and Mexico when demand in the US waned. However, it couldn't hide the fact that demand for the Cybertruck had all but evaporated. Even without the $20,000 markup, the Cybertruck is now available to order with almost no waiting time. Place an order today, and you can drive it by Thanksgiving.
That's not very good for Tesla, considering that it's yet to ramp up production to the volumes allowed by the Giga Texas production line. According to information shared with stockholders in the past quarters, Tesla could build 125,000 Cybertrucks per year. However, it's far from cranking up production to this level, mostly because it cannot find enough buyers for so many Cybertrucks.
According to market analysts, Tesla might have sat on about 8,000 unsold Cybertrucks at the end of the third quarter, forcing Tesla to drop the Foundation Series sooner than it wanted. Tesla also surprised everyone when it announced that the Cybertruck was profitable in the third quarter. However, considering the lower selling prices, this is unlikely to repeat in the fourth quarter.
Hopefully, Tesla will be able to accelerate Cybertruck sales in the coming months, but so far, it looks like production might be well ahead of demand. It's unclear whether this is temporary or the market for an $80K electric pickup truck just isn't there anymore. After all, Ford and Rivian are also grappling with low demand for their electric pickups. Could this be the end of the electric pickup truck craze?
At the time, Tesla bragged about the million-strong reservation numbers, which ensured that Tesla would need years to clear the backlog. Of course, nobody expected that all reservations would translate into Cybertruck orders. However, people still believed that a yearly production pace of 50,000 units would mean the Cybertruck would be sold out by at least 2027.
That was one of the reasons why people considered paying for the Foundation Series Cybertruck even when learning that it might soon come to an end. After all, everybody thought most on the reservation list were waiting for the Foundation Series before placing an order at a more affordable price. And when that happened, there would still be a million people who put a reservation early on. It would take like forever before new orders are taken into account.
Oh, how the mighty have fallen. Tesla stretched the Foundation Series Cybertruck for as long as it could, expanding to Canada and Mexico when demand in the US waned. However, it couldn't hide the fact that demand for the Cybertruck had all but evaporated. Even without the $20,000 markup, the Cybertruck is now available to order with almost no waiting time. Place an order today, and you can drive it by Thanksgiving.
That's not very good for Tesla, considering that it's yet to ramp up production to the volumes allowed by the Giga Texas production line. According to information shared with stockholders in the past quarters, Tesla could build 125,000 Cybertrucks per year. However, it's far from cranking up production to this level, mostly because it cannot find enough buyers for so many Cybertrucks.
According to market analysts, Tesla might have sat on about 8,000 unsold Cybertrucks at the end of the third quarter, forcing Tesla to drop the Foundation Series sooner than it wanted. Tesla also surprised everyone when it announced that the Cybertruck was profitable in the third quarter. However, considering the lower selling prices, this is unlikely to repeat in the fourth quarter.
Hopefully, Tesla will be able to accelerate Cybertruck sales in the coming months, but so far, it looks like production might be well ahead of demand. It's unclear whether this is temporary or the market for an $80K electric pickup truck just isn't there anymore. After all, Ford and Rivian are also grappling with low demand for their electric pickups. Could this be the end of the electric pickup truck craze?
In Q3 2024, Tesla used a clever trick to make the Cybertruck profitable. At the time, there were two Cybertruck versions with these average sale prices:
— Troy Teslike (@TroyTeslike) November 11, 2024
• $102,235 ASP for the Foundation Series Long Range
• $122,220 ASP for the Foundation Series Performance
In Q3 2024, 41% of… pic.twitter.com/Ags3lDpvUh
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