Tesla Inc.’s Cybertruck production rate was reduced even before the EV giant halted manufacturing for a few days earlier this month, according to researcher Troy Teslike.
What Happened
Teslike estimates Tesla to have produced 30,582 Cybertrucks by the end of Q3 2024 and delivered 21,450, leaving 9,132 in inventory. Assuming some of these unsold vehicles were used as showroom models, Tesla would have had an inventory of nearly 9,000 Cybertrucks going to Q4. However, in this quarter, the company seems to be faced with some demand challenges, citing the production pause for the vehicle earlier this month.
Early in December, Tesla told its workers on the Cybertruck production line at Giga Texas that they need not report to work for three days from Dec. 3 to Dec. 5.
Cybertruck Production Numbers
- Produced: 30,582 Cybertrucks by the end of Q3 2024
- Delivered: 21,450
- Inventory: 9,132
- Assumed inventory for Q4: nearly 9,000 Cybertrucks
Reduced Production Before the Pause
According to Teslike, Cybertruck production was reduced even before the pause. The company stopped selling its more expensive Foundation series version of the Cybertruck in October and started selling regular variants priced about $20,000 lower.
Furthermore, on some days in November, Tesla’s website showed that buyers could place an order for the Cybertruck and take delivery on the same day in states including California.
Based on VIN data, Tesla also cut the Cybertruck production rate by over 55% on Nov. 10.
Timeline of Key Events
- September 30: Tesla ends Q3 with 9,067 Cybertrucks in inventory
- October: Tesla stops selling Foundation series version of the Cybertruck
- November: Tesla starts selling regular variants of the Cybertruck
- November 10: Tesla cuts Cybertruck production rate by over 55%
- December: Tesla pauses Cybertruck production for three days
Why it Matters
Tesla started delivering the Cybertruck to customers in the U.S. in November 2023. Months prior to starting deliveries, company CEO Elon Musk said that scaling production and not demand would be the biggest hurdle for Cybertruck given its strong order book. Musk then said that the company already has over a million pre-orders for the vehicle.
However, upon the start of deliveries, the vehicle was priced significantly higher than the estimated price provided at the time of the vehicle’s unveiling in 2019, possibly deterring reservation holders from making the purchase.
According to data from Kelley Blue Book, Tesla sold 16,692 Cybertrucks in the third quarter in the U.S., trumping EV trucks from rivals including the Ford F-150 Lightning and the Rivian R1T.
Cybertruck Ambitions
The company had bigger ambitions for the Cybertruck, with Musk previously saying that the company is aiming to make up to 250,000 Cybertrucks in 2025. Cybertruck production achieved a positive gross margin for the first time in the third quarter.