The rise of Tesla’s Cybertruck has had a significant impact on the company’s other luxury offerings, including the Model S sedan and the Model X SUV. According to recent data, Tesla’s Model S sales dropped by 31% to 12,426 units last year, while Model X sales decreased by 20% to 19,855 units.
Cybertruck Sales Soar
In contrast, Tesla’s Cybertruck sales have been incredibly strong, with 12,991 units sold in the fourth quarter of 2024 in the US, and 38,965 units sold throughout the entire year. This makes 2024 the first full year of Cybertruck deliveries, which began in late November 2023.
Impact on Overall Sales
The surge in Cybertruck sales has come at the cost of Tesla’s overall sales, which dropped by 5.6% year-on-year in 2024 to 633,762 units. This decline in sales has been felt across the company’s entire lineup, including the Model 3, X, Y, and S.
Key Statistics
- Cybertruck sales: 38,965 units in 2024
- Model S sales: 12,426 units in 2024 (down 31% from previous year)
- Model X sales: 19,855 units in 2024 (down 20% from previous year)
- Overall Tesla sales: 633,762 units in 2024 (down 5.6% from previous year)
Best-Selling EVs in the US
Despite the decline in overall sales, Tesla’s Model Y SUV retained its position as the best-selling EV in the US, followed by the Model 3 sedan. The Ford Mustang Mach-E took third place, followed by the Hyundai Ioniq 5 in fourth place.
Tesla’s Market Performance
Tesla’s stock has been performing well, with a 2.5% increase in pre-market trading on Tuesday. The company has a consensus price target of $294.23 based on the ratings of 34 analysts, and a consensus “neutral” rating. The stock closed up 2.2% at $403.31 on Monday and is up by about 3.4% year-to-date.
Conclusion
The rise of Tesla’s Cybertruck has had a significant impact on the company’s other luxury offerings, with Model S and X sales plummeting as a result. However, the company remains the best-selling EV brand in the US by a huge margin, and its stock continues to perform well. As the EV market continues to evolve, it will be interesting to see how Tesla’s sales and market performance change in response.