Additional Coverage:
- Tesla sitting on $200 million worth of Cybertruck inventory as sales tank and protests continue (irishstar.com)
Cybertruck Sales Stall, Leaving Tesla with Mounting Inventory
Tesla is facing a growing challenge: selling its Cybertruck. Despite the initial hype, the electric truck maker reportedly has approximately $200 million worth of unsold Cybertrucks sitting in U.S. inventory.
While production ramp-up, the higher-priced Foundation Series, and lack of access to the $7,500 federal tax credit were cited last year for slow deliveries, those explanations no longer hold water. The difficulty now appears to be a lack of buyer interest. Production has reportedly been significantly slowed to avoid further inventory buildup.
Adding to the company’s challenges, a reported March recall related to a trim issue further complicated matters. While a fix was introduced on March 21st, Tesla still needs to address the issue on delivered vehicles. The company currently has an estimated 2,400 new Cybertrucks in inventory.
The situation is further complicated by Tesla’s reported refusal to accept Cybertrucks as trade-ins, frustrating owners looking to upgrade. Some owners who have experienced extended service issues are even reportedly attempting to return their trucks, but are being directed to pursue Lemon Law proceedings.
Used Cybertruck prices have also plummeted, down 55% compared to last year and showing a continued downward trend in recent months. This decline, combined with the lack of trade-in options, is contributing to buyer hesitancy. Potential buyers are reportedly making low offers, anticipating further price drops.