Tesla TSLA is sitting on nearly 2,400 unsold Cybertrucks across the U.S., according to new data from Tesla-Info. That's about $200 million worth of inventory for a vehicle CEO Elon Musk once said had “over 1 million” reservations. But more than a year after deliveries began, the Cybertruck has become a tough sell.
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Sluggish Sales, Rising Inventory
When the Cybertruck was first unveiled in 2019, Musk said it would start at $39,900. But the base model came out at $60,990, and early Foundation Series editions were priced close to $100,000. That sticker shock, combined with frequent quality issues, has eroded trust.
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The Cybertruck officially launched in late 2023. Since then, Tesla has sold just over 46,000 units, based on recall data released by the National Highway Traffic Safety Administration. That's a far cry from the 250,000 annual units Musk promised, or the millions of eager buyers he once claimed were lined up.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, was direct: "Tesla has sold only 47k Cybertrucks total, according to the recall notice. This is really bad for a product that was supposed to sell 250k units a year."
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What makes this inventory pile-up worse is that Tesla has reportedly paused trade-ins on Cybertrucks, according to Electrek. Several owners said they tried to swap their trucks for another vehicle but were told Tesla isn't accepting its own model as a trade-in.
Mounting Recalls and Customer Frustration
Adding to the pressure, Tesla recently issued a recall for all Cybertrucks because a stainless-steel trim piece, called the cant rail, could detach while driving. It's one of eight recalls in just over a year, with other issues ranging from windshield wipers and delayed rearview cameras to stuck accelerator pedals.
In some cases, Tesla service centers have kept trucks for extended periods. Some frustrated owners tried to return their vehicles, but the company directed them to go through Lemon Law claims instead.
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Meanwhile, Electrek reported that used Cybertruck prices have plunged and are 55% down year over year, 13% in the last three months, and 6% just in the past month.
Tesla appears to be slowing Cybertruck production to keep inventory from ballooning further as it’s holding a growing fleet of high-priced trucks that more people seem to be walking away from than buying.
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