Tesla Cybertruck is EV pickup market's latest casualty
TSLA•Elon Musk said Tesla will ramp up Cybertruck production to fill an order backlog before dismantling the assembly line around June or July next year. Sales fell 28% through September to about 11,600, according to Motor Intelligence estimates.
1. Production winding down
Musk said Tesla would increase Cybertruck production at its Austin factory to meet an order backlog before dismantling the assembly line around June or July. The wind-down would allow Tesla to produce more Cybercab robotaxis, which have yet to be sold commercially.
2. Sales fall short
Cybertruck sales fell 28% this year through September to about 11,600, Motor Intelligence estimates, well below the 250,000 annual level Musk once predicted. SpaceX bought $131 million worth of Cybertrucks from Tesla at list price last year, according to a federal regulatory filing.
3. Electric truck challenges
Rival electric pickups have also struggled with high prices and limited capability. GM’s Chevrolet Silverado EV starts at around $62,000, while Ford plans to launch a smaller electric pickup, the Fathom, late next year at about $28,000. Stellantis plans to launch an extended-range electric pickup next year that uses a gas-powered generator to recharge its battery.
