Tesla Slashes Cybertruck Prices, Fueling Market Share Gains

Tesla has significantly reduced prices for its futuristic Cybertruck, potentially aiming to sustain momentum and boost sales. This move comes as the electric pickup truck jumps to the No. 3 spot among best-selling EVs in the U.S., reports Forbes.

Price Cuts Across the Board

The all-wheel drive (AWD) Cybertruck now starts at $79,990, down from $99,990. This dual-motor version boasts an EPA-estimated range of 325 miles. The high-performance Cyberbeast variant saw its price drop to $99,990 from $119,990. It features a tri-motor setup, 301 miles of range, and a premium interior.

“Tesla does not operate pricing like most automakers and does have a history of adjusting pricing,” said Stephanie Brinley, associate director at S&P Global Mobility. She added, “Those price adjustments have also in the past reflected lower production costs as scale increased, as well as efforts to boost sales.”

Availability and Reservations

While Tesla doesn’t report reservation numbers, there’s speculation about dwindling demand. However, Cybertruck deliveries appear to be more expeditious compared to earlier this year when wait times extended to 2025.

Market Performance

The Cybertruck has made significant strides in market share. It went from virtually zero at the start of the year to becoming the third best-selling EV in the U.S. in Q3, according to Cox Automotive. Tesla sold 16,700 Cybertrucks in Q3, outpacing competitors like Rivian and Ford’s F-150 Lightning.

Missing Entry-Level Model

Notably absent is the $60,990 single-motor RWD Cybertruck with 250 miles of range, which was listed on Tesla’s website until August. Its return this year remains uncertain.

EVXL’s Take

The Cybertruck’s pricing strategy and market performance underscore Tesla’s agility in the competitive EV landscape. As we’ve seen with other Tesla models on our Tesla coverage page, the company’s ability to adjust prices and ramp up production often leads to increased market share. This move could help Tesla maintain its edge in the growing electric pickup segment, potentially putting pressure on competitors to reassess their strategies.

What’s your take on Tesla’s Cybertruck pricing strategy? Share your thoughts in the comments below.​​​​​​​​​​​​​​​​