EV giant Tesla Inc TSLA is offering select Cybertruck reservation holders the option to accelerate their deliveries of the stainless steel truck even in the face of high demand.
What Happened: Cybertruck reservation holders who are already part of Tesla’s referral program can redeem 30,000 referral credits to climb up the waitlist and receive their vehicle faster.
On redeeming 30,000 credits, the reservation holders will be invited to configure their vehicle and they can take delivery of either their foundation series all-wheel drive or higher-end Cyberbeast within 45 days.
Cybertruck Demand: During Tesla’s fourth-quarter earnings call last month, Tesla Supply Chain Vice President Karn Budhiraj said that the conversion of reservations to orders for the vehicle has been “very encouraging.” The company is also receiving new orders since the vehicle's launch in late November, he added.
"If the trend continues as it’s very likely to be, we will soon [sell] out all the builds in 2024," the executive said. Musk also noted that the trouble with the Cybertruck is not demand but production.
"Obviously, we could dramatically raise the price, but that doesn't feel right to us to sort of gouge people for early delivery," Musk said while reiterating his target of delivering 250,000 Cybertrucks in North America ultimately. The CEO had previously said that the delivery target would be met in 2025.
Why It Matters: During Tesla's third-quarter earnings call in October, a month before the Cybertruck’s delivery event, Musk had said that over a million people had already reserved the vehicle.
This means that those lower down on the reservation list before deliveries even started might have to wait for their vehicles until 2026 or later.
With the referral offer, however, users eager to receive their vehicles can get them within merely months instead of years.
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