Tesla is offering Cybertruck discounts just 14 months after launching the wildly styled pickup that CEO Elon Musk said would compete with its gas-powered counterparts from Ford and Chevrolet, selling in the hundreds of thousands a year.
With demand for the niche pickup weakening, the inventory discounts represent a stark departure from massive third-party markups when the Cybertruck first went on sale in November 2023. They also contrast with predictions that production of the Cybertruck would be exhausted for years, rendering the factory incentives useless.
Discounts on the Cybertruck range from $1,600 for new 2024 models to $2,630 for demo vehicles, Tesla said on its website on January 15. When ordered at full price, the Cybertruck starts at $81,985 with shipping. The pickup is also eligible for a $1,000 price reduction using a Tesla owner referral code.
“I think the Cybertruck can now be officially considered a failure,” said Karl Brauer, executive analyst at iSeeCars. “Remember, this would be the Tesla F-150. The new benchmark, founding vehicle for the Tesla brand to remain super powerful, super profitable and high volume.
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Despite Musk’s claims of more than 1 million Cybertruck reservations ahead of its November 2023 launch, the polarizing pickup truck failed in its first full year of production, according to industry estimates and research data. registration in the United States.
In 2024, Tesla will sell about 39,000 Cybertrucks in the United States, according to a Jan. 13 estimate from Cox Automotive. S&P Global Mobility said there were 35,235 Cybertruck registrations between November 2023 and November 2024, the most recent data available.
Tesla reported a decline in overall global sales last year, to 1.79 million from 1.81 million in 2023. Some analysts blamed the Cybertruck’s low numbers on Tesla’s sales failures. The pickup is sold in the United States and Canada.
Certainly, the Cybertruck is a commercial success compared to other electric pickup trucks. Cox estimated sales of the electric Ford F-150 Lightning, based on the gasoline version, at 33,510 vehicles in 2024. That was good for second place among EV pickup trucks after the Cybertruck. Rivian’s R1T pickup had sales of 11,085 last year, Cox said.
“I think the initial fanfare, enthusiasm and hype around the Cybertruck quickly evaporated,” said Robby DeGraff, product information manager at AutoPacific. “I’ve seen a lot more F-150 Lightning and R1T owners using their trucks for work or play, rather than showing off around town with cheesy aftermarket packages.”
Since unveiling the Cybertruck in 2019, Musk has targeted the domestic full-size pickup trucks that top light vehicle sales each year. At Tesla’s annual shareholder meeting in May 2023, Musk said he expected between 250,000 and 500,000 Cybertrucks to be produced per year at its Austin, Texas, factory.
So far, the stainless steel pickup has been held back by its style, high price and relatively modest range, analysts say. In 2019, Musk promised a base price of around $40,000. But at the November 2023 launch event, Tesla’s first Cybertruck deliveries were of limited-run versions exceeding $100,000 with shipping.
In October 2024, Tesla launched the $79,990 version, which came with a $1,995 shipping fee. Later this year, Tesla is expected to sell a base Cybertruck for $62,985, including shipping. The least expensive versions qualify for the $7,500 federal electric vehicle credit as long as they stay under the $80,000 price cap. Tesla no longer plans to offer the $40,000 version.
But even with government incentives and factory rebates, the Cybertruck may not catch its gas-powered Ford and Chevrolet rivals at the top of light-duty vehicle sales.
“The initial sales targets for the Cybertruck that Musk preached years ago are nothing short of comical,” DeGraff said. “It’s just a stupid product, top to bottom. Look at the Tesla Model 3: it’s really, really good. I wish Tesla could replicate this excellent execution elsewhere rather than wasting time on the Cybertruck.
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