Model S and X sales have also tanked.
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Tesla is estimated to have sold just over 6,400 Cybertrucks in Q1.
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This is a major fall-off compared to its last two consecutive quarters.
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Like its other luxury vehicles, the Model S and Model X, only an estimated total of 5,200 units were sold combined.
When Tesla first revealed the strikingly unusual stainless-steel Cybertruck in 2019, it created quite a stir. Upon starting deliveries, this attention-grabbing vehicle reportedly garnered around two million preorders and accumulated what some believed would be a years-long queue for shipments. Nonetheless, the eye-catching ride continues to make waves.
hasn’t really had the impact that Tesla had hoped for
since it officially began deliveries.
New data from Cox
suggests that Tesla only managed to sell approximately 6,406 Cybertrucks in the first quarter. While this represents an improvement compared to the same period last year, it marks a noticeable drop when contrasted with the third and fourth quarters of the previous year, during which Tesla reportedly sold over double those numbers per quarter. Despite these figures, the company is implementing various strategies aimed at boosting their sales; nonetheless, the trucks continue to face challenges.
still
aren’t selling.
Let’s put things into perspective a bit. CEO Elon Musk originally estimated that Tesla would crank out a quarter-million Cybertrucks annually. It has since tapered its expectations and
lowered that figure to approximately 120,000 units
. Q1 sales show that Tesla’s Cybertrucks are selling at a rate of around 21% of the production line’s capacity—that’s not a great sign. Wasted production time is lost money for the brand.
Tesla once boasted about the
The Cybertruck is the top-selling electric pickup truck in the United States.
, however, its rivals are closing in. The Ford sold 7,187 F-150 Lightnings (which is indeed a
decrease
year-over-year) while the Chevy Silverado EV and GMC Sierra EV sold a combined 3,632 vehicles. Rivian managed to sell 1,727 R1Ts while GM also moved 3,479 Hummer EVs.
Tesla’s lower-production premium cars were also affected in Q1. According to data from Cox, the Model S and Model X, which aren’t big volume sellers anyway, saw total sales of only 5,213 units. For perspective, the BMW i4 reportedly moved around 7,125 units over the same period.
The issue extends further than just Tesla’s higher-end market segment.
The company’s image has become almost toxic
, especially with its active CEO becoming an extremely polarizing political figurehead. The automaker admitted in its quarterly earnings report that it expects “changing political sentiment” could influence demand of its vehicles and CFO Vaibhav Taneja even said that vandalism and open hostility towards Tesla,
driven by political discussions
, has “made a difference in specific markets.”
Now, look, I’m not saying that the Cybertruck is going to end up at the Petersen in an exhibit next to the VW Phaeton and Chrysler TC by Maserati. But the way things are going, it doesn’t look promising.
Tesla is pulling out all stops to boost Cybertruck sales. By offering cash incentives and promoting it as a genuine truck to potential customers, the company understands that they must implement strategies to enhance the CT’s appeal.
To be fair, Musk admitted early on that the truck could “flop.” In the same breath, he also said that he didn’t care
since he adores it tremendously
Now that Musk’s statements are turning against him, the brand is encountering some difficulties. Were it merely an issue of slow-selling Cybertrucks, the situation might be less complicated. However, with
Net income fell by 71% compared to the previous year for the first quarter.
A failed product could pose a greater issue for the brand than it had initially anticipated in 2021.
More Cybertruck News
- Tesla’s Cybertruck Dilemma Continues to Escalate
- Least Expensive Tesla Cybertruck Reaches U.S. Market with $10,000 Discount
- Tesla Cybertruck Featuring a 350-Mile Range, Reduced Mass Sets New Standards
- Tesla Silently Removes Cybertruck Range Extender Option From Configurator
