Tesla is offering Cybertruck discounts just 14 months after launching the wildly styled pickup that CEO Elon Musk predicted would compete with gasoline counterparts from Ford and Chevrolet, selling in the hundreds of thousands per year.
With demand for the niche pickup weakening, the inventory discounts represent a stark shift from the massive third-party markups when the Cybertruck first went on sale in November 2023. They also contrast with predictions that Cybertruck production would be sold out for years, making factory incentives unnecessary.
Cybertruck discounts run from $1,600 for new 2024 models to $2,630 for demo vehicles, Tesla said on its website Jan. 15. When ordered at full price, the Cybertruck starts at $81,985 with shipping. The pickup is also eligible for a $1,000 price reduction using a referral code from a Tesla owner.
“I think the Cybertruck can be officially considered a flop now,” said Karl Brauer, executive analyst at iSeeCars. “Remember, this was going to be Tesla’s F-150. The new benchmark, foundational vehicle for the Tesla brand to keep it super powerful, super profitable and high volume.”
Despite Musk’s claims of over 1 million Cybertruck reservations before its November 2023 launch, the polarizing pickup came up short in its first full year of production, according to industry estimates and U.S. registration data.
In 2024, Tesla sold about 39,000 Cybertrucks in the U.S., according to a Jan. 13 estimate from Cox Automotive. S&P Global Mobility said there were 35,235 Cybertruck registrations from November 2023 to November 2024, the most recent data available.
Tesla reported a drop in overall global sales last year to 1.79 million from 1.81 million in 2023. Some analysts blamed the Cybertruck’s weak numbers for Tesla’s sales miss. The pickup is sold in the U.S. and Canada.
To be sure, the Cybertruck is a sales success when measured against other electric pickups. Cox estimated 2024 sales of the electric Ford F-150 Lightning, which is based on the gasoline version, at 33,510 vehicles. That was good for second place among EV pickups after the Cybertruck. Rivian’s R1T pickup had sales of 11,085 last year, Cox said.
“I think the initial fanfare, excitement and hype for the Cybertruck has quickly evaporated,” said Robby DeGraff, manager of product insights at AutoPacific. “I’ve seen way more F-150 Lightning and R1T owners actually using their trucks for work or play, rather than showboating around town with tacky aftermarket wraps.”
Starting with the 2019 unveiling of the Cybertruck, Musk has targeted the domestic, full-size pickups that top light-vehicle sales charts every year. At Tesla’s annual shareholder meeting in May 2023, Musk said he expected of between 250,000 and 500,000 Cybertrucks per year out of its Austin, Texas, factory.
So far, the stainless-steel pickup has been held back by its styling, its elevated price and relatively modest range, analysts said. In 2019, Musk had promised a base price of around $40,000. But at the November 2023 launch event, Tesla’s first Cybertruck deliveries were for limited-run versions exceeding $100,000 with shipping.
In October 2024, Tesla launched the $79,990 version that comes with a $1,995 shipping charge. Later this year, Tesla is expected to sell a base Cybertruck at $62,985 with shipping. The lower-priced trims qualify for the $7,500 federal EV credit as long as they stay under the $80,000 price cap. Tesla no longer plans to offer the $40,000 trim.
But even with government incentives and factory discounts, the Cybertruck may not catch its gasoline-powered Ford and Chevy rivals at the top of the light-vehicle sales charts.
“The initial sales targets for the Cybertruck preached by Musk years ago are nothing short of comical,” DeGraff said. “It’s just a dumb product, top to bottom. Look at the Tesla Model 3 — it’s really, really good. I wish Tesla could have mirrored that excellent execution elsewhere rather than wasting time on the Cybertruck.”
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