Tesla finds itself in an unprecedented situation as nearly 2,400 Cybertrucks, valued at approximately $200 million, remain unsold. The electric vehicle manufacturer has reportedly stopped accepting its own Cybertrucks as trade-ins, highlighting growing concerns about the model's market performance.
The angular stainless steel pickup truck, once heralded as a revolutionary addition to Tesla's lineup, has faced declining sales since reaching its peak of 5,308 units in September 2023. Recent data shows Tesla has delivered only 46,000 Cybertrucks in total, falling far short of the company's ambitious projections based on claimed pre-orders exceeding one million units.
Current Cybertruck owners attempting to trade in their vehicles have reported that Tesla is declining to accept them. Some owners experiencing extended service issues are being directed to pursue Lemon Law claims rather than receiving direct assistance from the company.
The used Cybertruck market has experienced a dramatic downturn, with prices plummeting 55% compared to last year. The last three months alone saw a 13% decrease, while prices dropped an additional 6% in the past month. Used car dealers have shown reluctance to purchase Cybertrucks, offering notably low prices as they await market stabilization.
Adding to Tesla's challenges, the company faces widespread "Tesla Takedown" protests, with demonstrations occurring in 253 cities globally. These protests stem from CEO Elon Musk's public statements and political alignments, particularly his support for Donald Trump and involvement with DOGE, an organization criticized for dismantling public institutions.
The combination of declining demand, inventory challenges, and public backlash has created uncertainty around Tesla's market position, despite the company's previous success with the Model Y, which ranked as the world's best-selling car last year.