Tesla is facing a severe decline in Cybertruck sales, as revealed in the company’s latest quarterly results.
Tesla confirmed through its quarterly results that Cybertruck sales are disappointing, with the company delivering an estimated 9,000 to 12,000 vehicles in the fourth quarter of 2023, a figure likely down from the previous quarter.
According to official figures, Tesla delivered a total of 23,640 units in the “other models” category, which includes the Model S, Model X, Cybertruck and Tesla Semi. Although the company had claimed to have over 1 million pre-orders for the electric pickup, the low $100 down payment raised doubts about the true commitment of buyers.
The situation worsened when the final production version of the vehicle turned out to be more expensive and with less range than originally announced. Tesla has delivered about 40,000 Cybertrucks before opening orders beyond the pre-order program. Notably, the problem does not appear to be production related.
The company has increased Cybertruck sales and purchase incentives over the past quarter, while the vehicles remain available in Tesla showrooms. One positive development is the Cybertruck’s eligibility for the $7,500 US tax credit. However, the incoming Trump administration, which is supported by Tesla CEO Elon Musk, has stated its intention to remove this subsidy as soon as possible.
Analysts estimate that Tesla’s target of 250,000 units per year looks difficult to achieve, while Musk’s target of 500,000 units is considered extremely ambitious.
The decision on the Cybertruck program is characterized as wrong, as the company should have focused on developing more economical vehicles.
