Tesla has opened up Cybertruck leases in the US, and it is now offering free wraps, worth $6,000, on Foundation Series Cybertrucks, which Tesla is still stuck with.
The Cybertruck wasn’t mentioned once during Tesla’s last earnings call. CEO Elon Musk gave a long speech about the current state of the company and its future, and yet, he didn’t mention Tesla’s only new vehicle launched in the last 5 years.
That’s because the program has been quite disappointing.
Tesla had over 1 million reservations for the electric pickup truck and Musk said that it could see Tesla selling 500,000 units per year. Tesla built the capacity at Gigafactory Texas for a planned production of 250,000 units per year.
Yet, Tesla worked through its entire reservation backlog by selling fewer than 40,000 units, and now it is having problems selling what it currently has in inventory.
The automaker offered discounts, referral incentives, and free Supercharging for life to try to move the truck.
Now, Tesla has announced that it is launching Cybertruck leases in the US starting at $750 per month:
Leases are less profitable than outright purchases, so Tesla generally waits until demand is down before introducing them to new vehicles.
There are a few other things that could help the Cybertruck in 2025.
The electric pickup truck has become eligible for the federal tax credit. Tesla is also planning to release the cheaper RWD version of the Cyhbertruck later this year, which could increase demand, but it’s unclear by as much.
Tesla is also giving $1,000 off on the Cybertruck through its referral program.
But despite all these incentives, Tesla is having issues moving the Cybertruck. The automaker is still stuck with some Foundation Series Cybertrucks, and it announced this weekend that it is even offering free wraps to those buying inventory Foundation Series Cybertrucks.
That’s worth more than $6,000 in some cases.
We previously reported that Tesla even buffed out the Foundation Series badges on some Cybertrucks to sell them as regular trucks because it was having issues selling the more expensive and exclusive version of the electric pickup truck.
Electrek’s Take
Despite all these incentives, Tesla can’t move the Cybertruck. I am curious to see how many Tesla will be able to sell in 2025.
I’ve seen estimates as low as 30,000 units, which would be even lower than last year.
There are some at 100,000 units, and while I would not have doubted 6 months ago, now I think that’s high.
There’s plenty of room to start thinking of the Cybertruck vehicle program as a failure compared to Tesla’s planned production capacity. If Tesla would have worked on a more conventional electric pickup as well as cheaper EVs, I think it would be in a much better situation today.
What do you think? Let us know in the comment section below.
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