Electric vehicle maker Tesla (TSLA) has reduced the price of new Cybertruck vehicles in its inventory, according to announcements on its site. Buyers can save up to $1,600 on new non-Foundation Series Cybertrucks and up to $2,630 on demo vehicles. These discounts apply to new trucks without previous owners and are available through Tesla’s inventory page.
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Reports suggest that production of Cybertrucks has slowed recently at Tesla’s Austin facility, although such slowdowns are common in the auto industry during the holiday season. CEO Elon Musk apologized to California customers for delivery delays and explained that some Cybertrucks were being deployed as mobile base stations to help fight ongoing wildfires in the Los Angeles area.
Previously, Musk estimated that annual Cybertruck sales could reach 500,000 units, but Tesla only delivered about 40,000 Cybertrucks last year. Additionally, 2024 marked the first year of decline in total vehicle deliveries for Tesla since 2011, with 1,789,226 vehicles delivered. This is a decrease of 1.1% from 1,808,581 deliveries in 2023.
Is Tesla stock a buy, hold or sell?
As for Wall Street, analysts have a Hold consensus rating on TSLA stock based on 13 Buys, 12 Holds, and nine Sells assigned over the past three months, as shown in the chart below. After a 93% rise in its stock price over the past year, Tesla’s average price target of $329.63 per share implies a 20.7% downside risk.
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