Tesla Inc. is now accepting trade-ins for the Cybertruck, a year after the company launched the pickup truck. This move comes as the company is experiencing difficulties in selling the vehicle, with over 10,000 unsold units in its US inventory.
What Happened
Tesla is offering owners of the Cybertruck Foundation Series a chance to trade in their vehicle for an upgrade. According to reports, Tesla was offering $65,400 for an All-wheel-drive 2024 Cybertruck with 6,211 miles on the odometer. The AWD trim of the Cybertruck retailed for over $100,000 at launch, representing a decline in value of over 34% in just one year.
Impact on Sales
The trade-in value offered by Tesla is much higher than the 20% depreciation generally expected for pickup trucks during the same period. This news comes as Tesla is struggling to get Cybertruck units off the dealership lots, despite offering a cheaper trim level with increased range and pivoting the product’s marketing strategy to appeal to traditional pickup truck buyers.
Marketing Strategy
Tesla has tried to make the Cybertruck more appealing to conventional pickup truck buyers by positioning it as a lifestyle vehicle for the “working man.” However, the company’s efforts have not been successful, and the vehicle’s sales continue to decline.
Stock Performance
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Conclusion
Tesla’s decision to accept trade-ins on the 2024 Cybertruck is a clear indication of the company’s struggles to sell the vehicle. With over 10,000 unsold units in its US inventory, Tesla is facing significant challenges in the market. As the company continues to navigate these challenges, investors and buyers will be watching closely to see how the situation unfolds.
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- Tesla’s marketing strategy for the Cybertruck
Photo
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