Peter Lyon
September 15, 2024
Although the Foundation Series variant of the Tesla Cybertruck is still being sold at a premium, the car is already ruling the electric pickup truck market. S&P Global Mobility statistics shows that Tesla saw a 1.2% rise in vehicle registrations in July 2024, partly attributable to 5,175 registrations of the Cybertruck in that month.
According to Cox Automotive, the Cybertruck was the best-selling $100,000 plus car in the US in June. Cox reported at the time that more than 3,200 Cybertrucks had been sold throughout the month. Based on the 5,175 Cybertruck registrations in July, it seems that the all-electric pickup truck’s deliveries increased by 61% in comparison to the previous month.
Remarkably, S&P Global Mobility also calculated that the aggregate sales of other electric pickups in the market in July 2024 were 5,546 units. This is a noteworthy accomplishment for the Cybertruck, given that the market for electric pickup trucks now boasts highly regarded EVs such as the Ford F-150 Lightning and the Rivian R1T.
The number of electric vehicle registrations in the United States increased by 18% over the previous year, partially due to the Cybertruck’s sales boom in July. According to a CBT News report, the Honda Prologue was one of the month’s other highlights. For his part, Tom Libby, an analyst with S&P Global Mobility, asserted that incentives are necessary for the present surge in EV sales.
“These EV goods would not sell at full MSRP. They have strong incentives to compete with internal combustion vehicles, and sales would sharply decline if these were removed,” according to Libby.
Libby’s argument might hold water for certain EVs on the market, but it is undoubtedly untrue in the case of the Cybertruck. The current state of the all-electric pickup truck, if any, is the reverse. Because of the Foundation Series, it is selling for $20,000 more than its MSRP. Therefore, it would seem that even with its price increase, Cybertruck sales are rising.
The Cybertruck AWD is expected to cost less than $80,000, and the tri-motor Cyberbeast should cost less than $100,000, excluding the $20,000 premium associated with the Foundation Series. The Cybertruck’s pricing would put it more in line with competitors like the Ford F-150 Lightning and Rivian R1T. It remains to be seen how the Cybertruck would perform in the market when its price is comparable to its competitors.
CARLIST THOUGHTS
The Cybertruck is one of the most polarizing EVs on the market—you either love it or you hate it. At the moment though, with these strong sales figures, it would seem like this radical EV has hit a nerve in the market.
