Key facts
- Musk said Tesla would dismantle the Cybertruck assembly line around June or July after clearing an order backlog.
- Cybertruck sales fell 28% in the year through September to about 11,600 trucks, per Motor Intelligence.
- Musk once predicted annual Cybertruck sales of 250,000 trucks.
- SpaceX bought $131 million of Cybertrucks from Tesla at list price last year, per a federal filing.
- Ford plans to launch the smaller electric Fathom pickup late next year at about $28,000.
Tesla CEO Elon Musk said in a social media post on Saturday that Tesla would ramp up Cybertruck production at its Austin, Texas, factory to meet an order backlog before dismantling the assembly line around June or July. He said the wind-down would allow Tesla to produce more Cybercab robotaxis, which have yet to be sold commercially.
Cybertruck sales fell 28% in the year through September to about 11,600 trucks, according to an estimate from research firm Motor Intelligence. That pace is far below the 250,000-truck annual level Musk once predicted. SpaceX, Musk's other company, bought Cybertrucks worth $131 million from Tesla at list price last year, according to a federal regulatory filing.
The market for large electric pickups has been difficult for Tesla's competitors as well. Even the Cybertruck's relatively small deliveries have outpaced sales of electric trucks from General Motors and Ford Motor, where executives once expected battery-powered versions of their full-size pickups to be hits.
Karl Brauer, executive analyst at vehicle research site iSeeCars.com, said automakers have not been able to translate their truck formula to EVs. He cited high prices, with GM's Chevrolet Silverado EV starting at around $62,000, and difficulty performing tasks such as towing a horse trailer or hauling heavy equipment. "So in the end, you have to pay more money for a vehicle that is less functional," Brauer said.
Ford CEO Jim Farley said on an earnings call last year that Ford would discontinue the Ford Lightning, the electric version of its F-150 pickup, because larger vehicles carry bigger batteries and more margin pressure. Ford now plans to roll out a smaller electric pickup, the Fathom, late next year at a starting price of about $28,000. Stellantis next year plans to launch an extended-range electric pickup truck that uses a gas-powered generator to recharge the battery on the go.