Tesla Offers Price Reductions on Cybertruck Amid Competition in Electric Truck Market

Tesla says the Cybertruck is ‘best-selling,’ so why is it offering discounts?

Tesla is declaring the Cybertruck to be “America’s bestselling electric pickup truck in 2024.” However, for the first time ever, the company is now offering price reductions of up to $2,600 on the low-poly truck. This unusual move has raised questions about whether demand for the vehicle truly justifies this claim.

The discounts, which have been spotted on the company’s inventory webpage, are as high as $1,600 for brand new Cybertrucks and up to $2,600 for slightly used demo versions of the truck. The price reduction you will receive depends on how you configure your Cybertruck.

Despite Tesla not breaking out sales numbers for the Cybertruck – instead lumping it in with its “other models,” like the Model S, Model X, and Tesla Semi – reports suggest that the electric vehicle market is suddenly brimming with a multitude of offerings from established players like Chevy and Hyundai to upstarts like Rivian and Lucid. Furthermore, people shopping for an electric truck have a plethora of options, including the Ford F-150 Lightning, Chevy Silverado EV, GMC Hummer and Sierra EVs, and Rivian R1T.

However, Tesla insists that the Cybertruck is outselling all those other options. But just how can be difficult to verify given their refusal to release sales figures. This raises concerns that the company may not have as strong a demand for the vehicle as it initially claimed.

The discounts themselves seem to suggest that there are too many Cybertrucks on the market, and therefore prices must be reduced. As Tesla bypasses the traditional dealership model by selling vehicles directly to customers, any discount comes directly from the company.

This unusual move is not without its precedents. After appearing on the company’s inventory page late last year, Foundation series Cybertrucks were recently removed. Moreover, earlier this month, Tesla requested factory employees working on the Cybertruck line to take three days off, reports Business Insider. It appears as if demand for the vehicle is starting to weaken – a phenomenon being experienced by almost every automaker with EVs to sell.

Source: www.theverge.com