Tesla Stops Orders for Cheapest Cybertruck, Now Offers $100,000 Version

Tesla Stops Orders for Cheapest Cybertruck, Now Offers $100,000 Version/Reuters

Reuters | August 10, 2024 | 10:47 AM IST | Breaking News | Follow on Google News

Tesla Stops Orders for Cheapest Cybertruck, Now Offers $100,000 Version

Tesla Stops Orders for Cheapest Cybertruck, Now Offers $100,000 Version

SAN FRANCISCO, Aug 9 (Reuters) – Tesla has stopped taking orders for the least expensive version of its Cybertruck, which is priced at $61,000, while making the $100,000 version available for immediate order and delivery as soon as this month, its website showed.

Demand and supply for the Cybertruck are closely monitored by Tesla (TSLA.O), opens new tab investors and fans, because Chief Executive Elon Musk has poured resources into the truck’s development and plans to make 200,000 per year.

As recently as October, Musk said Tesla had 1 million reservations for the truck. Some customers have indicated they are waiting for less expensive versions, because prices are higher and driving ranges lower than originally forecast.

“It shows that demand is a lot less than a million trucks,” Guidehouse Insights analyst Sam Abuelsamid told Reuters.

Cybertruck sold nearly 4,800 units in July – its best month yet and making it by far the best-selling vehicle in the U.S. priced over $100,000, according to Cox Automotive. “They have sold more than 16,000 so far, but sustained high volume at that price point will be a challenge,” a Cox spokesperson said in an email.

Deliveries of the Cybertruck – which has an unconventional trapezoidal exterior design inspired by the “Blade Runner” movie and a stainless-steel body – began in November 2023 after years of delay and a difficult production ramp-up. Musk in 2019 had estimated the truck would cost $40,000 and be able to travel 500 miles or more on a single charge.

Tesla’s website no longer offers the option to reserve a $61,000 version of the Cybertruck, which previously had been offered with a 250-mile range and a targeted 2025 delivery. The $99,990 dual-motor variant Foundation limited series with a 318-mile range is estimated to be delivered as early as this month while the $119,990 tri-motor Foundation Cyberbeast with a range of 301 miles is available from October.

“They’re sitting on a lot of inventory of two-motor and three-motor trucks right now,” Abuelsamid said.

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Reuters