Tesla is offering Cybertruck discounts as EV market gets crowded

Tesla began offering discounts on recent Cybertruck vehicles in its inventory this week, based on listings on the corporate’s website.

Discounts are as high as $1,600 off recent Cybertrucks, with the reduced price depending on configuration, and as much as around $2,600 for demo versions of the trucks in inventory, the listings show. Production of the angular, unpainted steel pickups has reportedly slowed in recent weeks at Tesla’s factory in Austin, Texas.

Deliveries of the unconventional pickup began reaching customers in 2023. CEO Elon Musk originally unveiled the Cybertruck in 2019 and said it might cost around $40,000, but its base price within the U.S. was closer to $80,000 over the course of 2024.

Wall Street previously viewed the Cybertruck as a very important driver of growth for Tesla’s core automotive sales.

While the Cybertruck outsold the Ford Lightning F-150 last yr within the U.S. and have become the fifth best-selling EV domestically, based on data tracked by Cox Automotive, its high price, repeat recalls and production issues in Austin hampered growth. In November, Tesla initiated its sixth recall in a yr  to switch defective drive inverters.

As CNBC previously reported, Tesla’s deliveries declined barely year-over-year in 2024, at the same time as EV demand worldwide reached a record. A slew of recent competitive models from a wide selection of automakers eroded Tesla’s market share.

In accordance with Cox data, full-year EV sales reached an estimated 1.3 million in 2024 within the U.S., a rise of seven.3% from the prior yr. But Tesla’s sales for the yr declined by about 37,000 vehicles.

The Tesla Model Y SUV and Model 3 sedan ranked as the highest two best-selling EVs by a large margin. But each older, more cost-effective Tesla models saw sales drop from the previous yr. Cox estimated Tesla sold around 38,965 Cybertrucks within the U.S. last yr.

In recent days, Musk apologized to customers in California for delays in delivering their Cybertrucks. He said the trucks at the moment are getting used to bring supplies and wireless web service to people in Los Angeles impacted by devastating wildfires.

“Apologies to those expecting Cybertruck deliveries in California over the following few days,” Musk wrote on X. “We’d like to make use of those trucks as mobile base stations to supply power to Starlink Web terminals in areas of LA without connectivity. A recent truck might be delivered end of week.”

WATCH: Here’s why Bank of America downgraded Tesla