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Tesla’s much-anticipated Cybertruck has failed to meet expectations in 2024, contributing to the company’s first annual delivery decline in years. Despite its futuristic design and hype, the Cybertruck has struggled to drive growth amid softening demand and production challenges.
Tesla delivered approximately 1.81 million vehicles in 2024, remaining flat compared to 2023’s figures, based on analyst estimates. This stagnation marks a notable slowdown for the electric vehicle (EV) giant, which had consistently reported growth in previous years. In the first quarter of 2024, Tesla delivered 386,800 units, reflecting a 20.2% drop from the 484,000 units shipped in the previous quarter (Q4 2023).
Cybertruck Pricing and Demand Challenges
Elon Musk initially announced in 2019 that the Cybertruck would start at $40,000. However, delays and rising production costs pushed the price of the launch edition to $120,000, with currently available models priced between $75,000 and $100,000.
Tesla also shifted its sales strategy, discontinuing reservations and offering the Cybertruck for direct purchase. The company even introduced a lease plan starting at $999 per month, later slashing it to $899, signaling potential issues with demand.
Production Hurdles and Market Sentiment
Musk has acknowledged “enormous challenges” in scaling up Cybertruck production while achieving profitability. Adding to concerns, used Cybertrucks have begun piling up on resale platforms, taking an average of 75 days to sell—up from 27 days in May, according to data from CarGurus.
Analyst Insights
Tom Libby, associate director of S&P Global Mobility, stated, “The Cybertruck is not doing enough to bring the brand up,” reflecting skepticism about its ability to sustain Tesla’s growth trajectory【10】.
Looking Ahead
Tesla’s lackluster 2024 performance has raised questions about its long-term growth strategy, especially as competitors roll out affordable EV alternatives. Investors remain watchful as Tesla works to resolve production bottlenecks and regain momentum.