Exclusive: Tesla Halts Orders for $61,000 Cybertruck, Offers $100,000 Version for Immediate Delivery
By Abhirup Roy and Hyunjoo Jin
In a surprising move, Tesla (NASDAQ:) has temporarily stopped accepting orders for the base model of its highly-anticipated Cybertruck, priced at $61,000. However, the premium $100,000 version is now available for immediate order and delivery as soon as this month, as indicated on the company's website.
The fluctuating demand and supply dynamics of the Cybertruck have captivated the attention of Tesla investors and enthusiasts worldwide. CEO Elon Musk's ambitious goal to manufacture 200,000 units annually has raised the stakes for the electric vehicle market.
Recent reports suggest that Tesla had amassed 1 million reservations for the Cybertruck as of October. Nonetheless, some potential customers are holding out for more affordable options due to the higher price points and lower driving ranges than initially promised.
"It shows that demand is a lot less than a million trucks," remarked Guidehouse Insights analyst Sam Abuelsamid in an interview with Multibagger.
Despite the pricing concerns, the Cybertruck achieved a milestone by selling nearly 4,800 units in July, marking its best month to date. Notably, it emerged as the top-selling vehicle in the U.S. priced over $100,000, according to data from Cox Automotive.
However, sustaining such high sales volumes at the premium price point remains a challenge, as noted by a Cox spokesperson: "They have sold more than 16,000 so far, but sustained high volume at that price point will be a challenge."
Deliveries of the Cybertruck commenced in November 2023 after facing multiple delays and production hurdles. The vehicle's distinctive trapezoidal exterior design, inspired by the "Blade Runner" movie, and stainless-steel body have garnered attention from consumers and critics alike.
Tesla's website no longer features the option to reserve the $61,000 base model, previously offering a 250-mile range with a targeted 2025 delivery date. Instead, customers can now opt for the $99,990 dual-motor variant Foundation limited series with a 318-mile range, available for delivery as early as this month. The $119,990 tri-motor Foundation Cyberbeast, boasting a range of 301 miles, is set to hit the market in October.
"They're sitting on a lot of inventory of two-motor and three-motor trucks right now," Abuelsamid observed, hinting at potential challenges in managing the current stock levels.
Analysis:
In summary, Tesla's strategic shift in temporarily halting orders for the base model of the Cybertruck and offering the premium version for immediate delivery reflects the company's agility in responding to market demands. The strong sales performance in July underscores the appeal of the Cybertruck in the luxury vehicle segment, despite pricing concerns.
For investors, the sustained high sales volumes at premium price points will be a key metric to watch, as it could impact Tesla's revenue and profitability in the coming quarters. Additionally, consumer preferences for electric vehicles with longer driving ranges at more competitive price points may influence Tesla's future product strategy.
Overall, the Cybertruck's success story highlights the evolving dynamics of the electric vehicle market and Tesla's position as a key player in shaping the industry's future.