BREAKING: Tesla’s Cybertruck sales have plummeted 62.6% in Q3 2024, with only 5,385 units sold, according to Cox Automotive. This dramatic decline comes as the overall U.S. electric vehicle (EV) market is experiencing a record surge, with sales increasing nearly 30% to over 438,000 vehicles during the same period.
The stark contrast highlights a troubling trend for Tesla, as competitors like Ford and Chevrolet have capitalized on the booming market. Ford’s electric F-150 Lightning outsold the Cybertruck nearly twofold, while Chevrolet’s Silverado EV and Rivian’s R1T continue to gain traction.
Despite the Cybertruck’s ambitious launch in 2019, where it captured millions of preorders with a starting price of $39,990, the vehicle’s appeal has diminished. The cheapest model now starts at over $60,000, raising concerns among early adopters about its practicality compared to competitors.
The sales drop is particularly striking given the recent rush of buyers aiming to secure federal EV tax credits before their expiration in late September. Even with this incentive, interest in the Cybertruck has waned, revealing Tesla’s challenges in maintaining its status as a market disruptor amid increasing competition.
Authorities confirm that Tesla currently holds about 41% of the EV market, down from nearly half last year. The company’s flagship models continue to perform well, but the Cybertruck’s struggles signal potential vulnerabilities in Tesla’s portfolio.
Analysts are watching closely as Tesla confronts the reality of scaling production for its more ambitious projects, including the Cybertruck and the long-anticipated robotaxi. As the company tries to transition from sedans and SUVs into the lucrative pickup truck market, the Cybertruck’s faltering performance raises questions about its future viability.
With the EV landscape evolving rapidly, Tesla must act swiftly to regain momentum and address the growing competition. The Cybertruck’s decline could be a pivotal moment in defining Tesla’s next chapter as it navigates the challenges of being an incumbent player in an increasingly crowded market.
Stay tuned for more updates on this developing story!
