The Tesla Cybertruck has stunned industry watchers by becoming the third best-selling electric vehicle in the U.S. for Q3 2023, despite its hefty price tag. This surprising development was reported by Cox Automotive, which owns Kelley Blue Book (KBB).

Cybertruck’s Unexpected Success

Despite an average transaction price of over $116,000 in September, the Cybertruck managed to sell more than 16,000 units in Q3. It outperformed every EV on the market except for Tesla’s own Model Y and Model 3. This achievement is particularly impressive given the vehicle’s unconventional design and premium pricing.

KBB noted, “Despite a six-figure price tag… more than 16,000 Cybertrucks were sold in Q3. In fact, Cybertruck outsold every other available EV except for two – Tesla’s popular Model Y and Model 3.”

Q3 EV Sales Leaders

Here’s how the top EVs stacked up in Q3:

Tesla Model Y: 86,801 (down 9.1% YoY)
Tesla Model 3: 58,423 (up 9.7% YoY)
Tesla Cybertruck: 16,692 (new entry)
Ford Mustang Mach-E: 13,392 (down 9.8% YoY)
Honda Prologue: 12,644 (new entry)

Tesla’s Market Dominance

Tesla’s overall performance was strong, with the company claiming nearly 50% of the U.S. EV market share. After a dip in the first half of the year, Tesla bounced back with a 6.6% sales increase in Q3.

Other Notable Performances

The Honda Prologue, a collaboration with General Motors, made a surprising debut with over 12,000 units sold. GM’s overall EV sales jumped nearly 60% to 32,095 units, solidifying its second-place position behind Tesla.

However, it wasn’t all good news in the EV world. Rivian saw a 2.1% decrease in overall sales, with its R1S model experiencing a significant 21.1% drop.

Used Cybertruck Prices Falling

As more new Cybertrucks hit the market, used prices are starting to decline. Some listings on KBB’s used Cybertruck page have dipped below $90,000, though most still fall in the $90,000 to $115,000 range. This is a significant drop from May when average asking prices reached $160,000.

Tesla currently offers two Cybertruck models on its website: the All-Wheel Drive at $99,990 and the Cyberbeast at $119,990. They’ve also begun delivering a $79,990 version to U.S. reservation holders.

EVXL’s Take

The Cybertruck’s success demonstrates the continued strength of Tesla in the EV market. Despite its unconventional design and high price point, the Cybertruck has clearly struck a chord with consumers. This success, combined with the strong performance of the Model Y and Model 3, shows that Tesla continues to dominate the EV landscape.

However, the emergence of new players like the Honda Prologue and GM’s growing EV sales suggest that competition is heating up. As the EV market matures, we can expect to see more diverse offerings and potentially more competitive pricing.

What’s your take on the Cybertruck’s surprising success? Do you think it can maintain this momentum? Share your thoughts in the comments below.