Big news for Tesla's Cybertruck this week, and this one doesn't involve pieces of it flying off at high speeds.
According to a new report from Electrek, the newly embattled automaker has finally started accepting trade-ins. The company delivered the first Cybertruck in November 2023, but as they have been rolled out to reservation holders, Tesla hasn't taken them back.
While Elecktrek has deemed the Cybertruck a "commercial flop," it's hard to argue with the numbers. According to Cox Automotive, Tesla sold nearly 39,000 Cybertrucks last year, its first full year of sales. Elon Musk's early projections set expectations around 250,000 units.
Now for a bit more bad news for the early adopters: the depreciation is significant.
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The 2024 Cybertruck AWD Foundation Series sold for $100,000. As reported by Electreck, Tesla is offering just $65,400 in trade-in value—a depreciation of nearly 35% in a year. Pickup trucks typically depreciate around 20% in the first year.
Coming off a tough quarter that saw Tesla's first quarter profit plunge more than 70%, and reports that the EV maker could have nearly $200 million in Cybertruck inventory it's struggling to move, it looks like the company's futuristic electric truck could soon become a thing of the past.
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X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0
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Big news for Tesla's cybertruck this week, and
this one doesn't involve pieces of it flying
00:05.079 --> 00:08.119
off at high speeds.
According to a new report from Electric,
00:08.319 --> 00:12.350
the newly embattled automaker has finally
started accepting trade-ins.
00:12.520 --> 00:16.229
The company delivered its first cybertruck in
November 2023,
00:16.479 --> 00:21.649
but as they've been rolled out to reservation
holders, Tesla hasn't taken them back while
00:21.649 --> 00:25.354
Electric.
Has deemed the Cybertruck a commercial flop.
00:25.565 --> 00:28.924
It's hard to argue with the numbers.
According to Cox Automotive,
00:29.245 --> 00:34.715
Tesla sold nearly 39,000 Cybertrucks last year,
its first full year of sales.
00:34.845 --> 00:40.724
Elon Musk's early projections set expectations
around 250,000 units.
00:40.884 --> 00:43.965
Now for a bit more bad news for early adopters.
00:44.369 --> 00:47.029
The depreciation is significant.
00:47.319 --> 00:52.110
The 2024 Cybertruck Foundation series sold for
$100,000.
00:52.680 --> 00:59.189
As reported by Electric, Tesla is offering just
$65,400 in trade-in value,
00:59.400 --> 01:03.959
a depreciation of nearly 35% in just a year.
01:04.199 --> 01:08.639
Pickup trucks typically depreciate around 20%
in the first year.
01:08.839 --> 01:13.769
Coming off a tough quarter that saw Tesla's
first quarter profit plunge more than 70%.
01:14.069 --> 01:19.639
And reports that the EV maker could have nearly
$200 million in cybertruck inventory,
01:19.809 --> 01:21.199
it's struggling to move.
01:21.769 --> 01:26.800
It looks like the company's futuristic electric
truck could soon become a thing of the past.
01:27.169 --> 01:28.239
I'm David Manti.
01:28.529 --> 01:29.849
This is manufacturing now.
