Cybertruck hype fades: Once hot, now not, Tesla's pickup sits on lots
New data shows that the public may not be as in love with the Cybertruck as they used to be, leading to more price cuts and incentives.
What goes up must come down is an adage that seems to apply to the Tesla Cybertruck as well. Despite accolades like the best-selling electric pickup in the second quarter of 2024, the third-best-selling EV in the country in Q3, and the best-selling vehicle costing over $100,000 in the first half of the year, the public's interest in the Cybertruck seems to be dropping.
Related: Forget Tesla! These EVs offer similar range and performance
Cybertrucks take longer to sell than they did a few months ago
According to a recent Reuters report on Tesla's potential delivery growth, the average Cybertruck will linger on a dealership lot for up to 75 days before being sold, a massive increase from 27 days in May. S&P data also showed that the number of new Cybertrucks registered in the U.S. fell to 4,335 in September and 4,039 in October from a high of 5,428 in August.
Analysts are also pointing to Tesla's lease deals as a sign that the automaker is trying to push Cybertrucks off their lots. Cybertruck leases started at $999 a month in November before being reduced to $899 a month. Tesla
These deals go hand-in-hand with Tesla's penchant to slash prices, much like they did last year, and offer incentives like three months of free fast-charging and Full Self-Driving for all new orders that deliver by Dec. 31.
The exact reason for the drop in sales is up in the air
There is no way to pinpoint a specific reason for the decline, but some are pointing to the truck's price and unique "design." Regular truck buyers tend to be more conservative in their choices, aiming for tried-and-true models like the others from Ford, Chevrolet, and GMC. That's not to say those don't cost close to the Cybertruck's $100,000 MSRP, but at least those buyers know what they're getting.
The EV sector might do better without Tesla
Related: EV sales in Europe are growing—with one big Tesla-sized exception
Don't take the Cybertruck's downward trends as a sign that the entire EV industry is dying out. In Europe, for example, the increase in total EV sales this year was severely undermined by Tesla's drop in sales. Our own Elijah Nicholson-Messmer made some snazzy charts to help visualize those numbers. Tesla
Final thoughts
It's easy to see that Tesla is not doing as well as it was doing a few years ago. While they are by no means out of the game and likely won't be for a while, if at all, competition is encroaching on their territory from all sides.
Elon Musk's behavior and allies are certainly not helping his company's sales in some circles, but that's a whole different topic. The automaker has many options on the table, from releasing fresh and affordable models to updating its current offerings to stand out from last year's offerings.
Regardless of what they choose, it will be interesting to see how they navigate this new EV landscape and how they emerge from it.
