Tesla Halts Orders for $61K Cybertruck, Cheapest Model Now $100K

Tesla has stopped taking orders. The cheapest model of its Cybertruck electric truck, which was priced at $61,000, is now the $100,000 version available to order on the automaker’s website.

Consumers and investors have been closely watching supply and demand for Tesla’s Cybertruck after CEO Elon Musk It has invested heavily in its EV truck line in recent years with the goal of producing 200,000 trucks annually.

Musk said last fall that Tesla had 1 million reservations for the truck, and some customers said they were waiting for the cheaper versions because they were priced higher and had shorter driving ranges than originally expected.

The unconventional, futuristic Cybertruck was first revealed as a prototype by Musk in 2019, when he estimated it would cost $40,000 and be able to travel 500 miles on a single charge. Interested buyers were able to place a reservation with a $100 refundable deposit to secure their truck once deliveries began after lengthy delays pushed it to late November 2023.

Tesla Cybertruck Hits the Road

Tesla’s website no longer offers potential buyers the ability to reserve $61K Cybertruckwhich is being offered with a range of 250 miles and a target delivery date of 2025.

It is currently offering $99,990. Dual engine variable The limited-range Foundation model, which has a range of 318 miles, is expected to be delivered early this month. The three-motor Foundation Cyberbeast will be available for $119,990, with a range of 301 miles, starting in October.

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Elon Musk, Tesla co-founder and CEO, at the Cybertruck announcement event in 2019 after he damaged the “armored glass” windows during the show. (Frederick J. Brown/AFP via Getty Images)

Tesla’s move “shows that demand is much lower than a million trucks,” Guidehouse Insights analyst Sam Abuelsamid told Reuters. “They have a large inventory of dual- and triple-engine trucks right now.”

Deliveries of the Cybertruck, which features a trapezoidal exterior design inspired by the movie “Bladerunner”, as well as a stainless steel body, Started November 2023 After years of delays and difficulty increasing production.

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A Tesla Cybertruck is seen in the East Village, Manhattan, on July 6, 2024. (Julia Bonavita/Fox News Digital/Fox News)

the first Cybertruck Production Candidate The truck was completed in July 2023, about four years after Musk announced Tesla’s plans to build the truck, and two years after production was originally planned to begin.

Musk said in 2022 that supply chain shortages had impacted component sourcing and contributed to production delays.

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Reuters contributed to this report.