The Tesla Cybertruck, once expected to have demand in the millions, has failed to meet expectations. With a surplus of produced vehicles that are not being bought by consumers, Tesla has found a new solution.
New Buyers for Cybertrucks
Two companies tied to Elon Musk, SpaceX and xAI, are buying hundreds of Cybertruck vehicles. This move may be an attempt by Tesla to get rid of unwanted inventory, as the demand for the Cybertruck has been lower than expected.
About the Purchase
SpaceX took delivery of hundreds of Cybertrucks and is expected to add hundreds more. The company is replacing its support fleet with Cybertrucks, according to Cybertruck lead engineer Wes Morrill. “Love to see ICE support fleets from Tesla and SpaceX get replaced with Cybertruck. When we were engineering it, this was always part of the dream,” Morrill said.
Decline in Cybertruck Demand
Initially, Elon Musk had plans to produce 250,000 Cybertruck units annually. However, new data shows that the company sold only 16,097 Cybertrucks in the U.S. through the first three quarters of the year. The current annual delivery rate is expected to be under 25,000 units.
Comparison to Other Electric Pickup Trucks
The decline in Cybertruck sales occurred while overall electric vehicle sales in the country reached a record 438,487 units, representing a 29.6% year-over-year increase. In contrast, the F-150 Lightning from Ford sold 39.7% more units in the third quarter in the U.S. on a year-over-year basis. The Chevrolet Silverado and GMC Sierra had unit sales up 97.5% and 771.8% year-over-year, respectively.
Possible Reasons for the Sales
The sales of Cybertrucks to SpaceX and xAI may be an attempt by Tesla to boost fourth-quarter deliveries, which are expected to drop. The expiration of the Federal EV tax credit may also be a factor in Tesla’s decision to sell off Cybertrucks to Musk-related companies. Additionally, all Cybertruck reservation holders have now received their vehicles, which could be another reason for the sales.
Key Points
- SpaceX and xAI are buying hundreds of Cybertruck vehicles
- Tesla is trying to get rid of unwanted inventory due to low demand
- SpaceX is replacing its support fleet with Cybertrucks
- The current annual delivery rate is expected to be under 25,000 units
- Overall electric vehicle sales in the country reached a record 438,487 units in the third quarter
- The F-150 Lightning from Ford and the Chevrolet Silverado and GMC Sierra saw significant increases in sales year-over-year.