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Musk says Tesla will refund some Cybertruck deposits, defends decision to end production
TechCrunch • • business
Key Points:
- Tesla CEO Elon Musk announced that production of the Cybertruck will cease in about eight months, with the company aiming to fulfill as many orders as possible before stopping and refunding deposits for many customers.
- Musk defended the decision, stating the Cybertruck is not unprofitable, but the complexity of its production limits Tesla’s ability to focus on more profitable Cybercab robotaxi manufacturing.
- Initial enthusiasm for the Cybertruck, which saw reservations reach 1 million and projections of 250,000 annual sales, failed to translate into high sales, with industry estimates showing around 71,000 trucks sold since late 2023.
- Significant purchases of Cybertrucks came from Musk’s other companies, such as SpaceX and xAI, which also bought large quantities of Tesla products for their operations.
- While production ending may create a scarcity-driven demand increase, it is unlikely to approach the high sales expectations set in previous years.
