- Tesla announced on its website that the price of its base Cybertruck Dual Motor AWD variant will increase after February 28th.
- The current starting price is $59,990, but the company has not disclosed the new price point for the electric truck.
- Demand has been lower than expected, with Cybertruck sales estimated well below the CEO’s initial annual target of 500,000 units.
On Tuesday, the EV giant Tesla Inc. announced on its website that the price for its base Cybertruck model will rise after February 28th. The Dual Motor AWD variant currently starts at $59,990, but the company did not provide a new price point in its announcement.
This lower-price variant was unveiled just last week alongside premium models. Consequently, CEO Elon Musk warned “the price is effective only for a brief time” in a post on X, adding urgency for potential buyers.
However, weak demand continues to haunt Tesla‘s angular electric pickup. The vehicle launched in November 2023 at a much higher price than the roughly $40,000 entry point Musk proposed back in 2019.
Consequently, the Cybertruck has underperformed its ambitious sales goals. Musk initially predicted up to 500,000 annual deliveries, but recent data shows estimated sales are significantly lower.
Meanwhile, in a recent earnings call, executives clarified the company has no plans to halt Cybertruck production. Musk instead opined that the truck could serve as a good robotaxi for autonomous cargo delivery.
Meanwhile, retail sentiment on platforms like Stocktwits remained bullish, though message volume was low. Tesla stock has gained 24% over the past 12 months, according to available data.
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