One Year After Tesla’s First Cybertruck Deliveries, the Truck Still Has a Long Way to Go to Meet Elon Musk’s Goals – Tesla (NASDAQ:TSLA)

EV giant Tesla Inc. TSLA began delivering the Cybertruck to customers in the United States a year ago, on November 30, 2023.

Deliveries during the year: According to data from automotive research firm Kelley Blue Book, Tesla sold 16,692 Cybertrucks in the U.S. in the third quarter, trumping electric trucks from rivals like the Ford F-150 Lightning and Rivian R1T to become the third best-selling electric vehicle behind Model Y and Model 3 .

From the beginning of the year to the end of September, the company delivered 28,250 Cybertrucks, surpassing Tesla’s other luxury vehicle offerings such as the Model S and Model X.

The company also began delivering the vehicle to customers in Mexico and Canada this year, and production achieved a positive gross margin in the third quarter.

Cybertruck prices: The Cybertruck is currently available in two variants. The cheaper all-wheel drive variant starts at $79,990 and the higher-priced Cyberbeas variant starts at $99,990.

However, when unveiled in November 2019, Tesla announced that there would be three variants of the truck, with the entry-level single-motor, rear-wheel drive (RWD) version starting at $39,900, with the dual-motor all-wheel drive variant predicted to start in price at $49,900 and the top-of-the-line three-motor all-wheel drive at $69,900.

However, when deliveries began, prices were higher, making it a premium electric vehicle popular with celebrities.

Up, but below expectations: While Cybertruck shipment growth is on an upward trajectory, it falls short of Tesla’s CEO expectations Elon Musk‘s expectations. The CEO previously stated that the company aims to produce 250,000 Cybertrucks by 2025. The vehicle, he said, is in demand but is limited in production due to its unusual design.

The company does not disclose model-related delivery and production figures. However, the company currently only has an installed annual vehicle capacity of about 125,000 units at its Gigafactory in Texas, which is half of Musk’s production target for next year.

While a third and cheaper variant of Cybertruck is not currently listed on the company’s website, company engineers said Wes Morrill said in August that the variant had not been discontinued but might be available later. A cheaper option can help drive up the delivery numbers of the stainless steel truck.

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