Elon Slashes Cyber Truck Prices - But Buyers Are Still Running for the Hills?

So, Tesla’s Cybertruck—a.k.a. The lovechild of a DeLorean and a Transformer—just got a price makeover, and the internet is losing it. For those of you who’ve been living under a rock (or just avoiding Elon’s latest Trump tweet), the electric automaker finally axed its bougie “Foundation Series” trim. Now, the Cybertruck comes with a price tag that almost makes you feel like you could afford it. Almost.

(Source: Giphy) 

But before you start licking your chops on this, the new base model, with a sticker price of $79,990, is still a far cry from that mythical $39,900 Cybertruck that Tesla dangled in front of us like a carrot. Yeah, that $40K version? It’s pretty much as real as Bigfoot at this point—just something people talk about but never actually see.

(Source: Forbes) 

In short, Elon slashed the price of his glorious Cybertruck AWD from $99,990 to $79,990. Meaning, this dual-motor beast which boasts 325 miles of range (according to the EPA), is now $20k off sticker and is just enough juice to get you to the next doomsday bunker before society collapses.

On the other hand, you have the Cyberbeast (Elon’s other high-end, tri-motor monstrosity) which also got a price chop. It’ll now run you $99,990, down from $119,990. Sure, it only gets 301 miles of range, but listen—if you’re shelling out six figures for a truck, you’re probably not too worried about range. Plus, it’s got a “premium” interior, so you can kick back in style while you “try” to drag race a Lamborghini.

(Source: Giphy) 

So yeah, Tesla’s been cutting prices. But here’s the thing—this isn’t some charity play. The Austin gigafactory has been cranking out Cybertrucks faster than Elon can catch his big swinging rockets - and as production ramps up, costs go down. Classic supply and demand, right? Except when it’s Tesla, and then it’s more like disruptive supply and demand, because Elon never plays by the rules.

Now, here’s where things get juicy. Remember back in 2019 when the Cybertruck first dropped? The hype was so real that Tesla collected millions of reservations, all with just a $100 deposit. Fast forward to today, and it looks like a lot of those would-be buyers have ghosted Elon harder than the girls who ghosted him in highschool (whom I’m sure all cry in their pillows every night because of it).

(Source: Giphy) 

For instance, according to Cox Automotive, Tesla sold 16,700 Cybertrucks in Q3, making it the third best-selling EV in the U.S. Not bad, right? Except, only about 30,000 Cybertrucks have actually hit the roads so far. Do the math, and that’s just a 1.5% conversion rate from all those reservations. Oof.

So, what happened? Well, first off, that $40K dream? Yeah, that was vaporware. The cheapest Cybertruck now starts at double that, which probably sent a lot of early adopters running for the hills. Turns out, people didn’t exactly sign up for a $80K+ post-apocalyptic tank.

(Source: Torque News) 

So, where does that leave us? The Cybertruck is still the weird, polarizing, love-it-or-hate-it machine that it’s always been. And yeah, the price cuts are nice, but it’s still not the budget-friendly option people were hoping for. But with that new $79,990 price tag and the chance to snag a federal tax credit, it’s inching closer to being more than just a collector’s item for Silicon Valley tech bros and crypto millionaires.

The real question? Can Tesla bank on the Cybertruck’s ludicrious design and brand appeal to keep sales chugging along, or will buyers turn to more traditional (and cheaper) electric trucks? Only time will tell my friends, only time will tell. 

As always stay safe and stay frosty, friends! Until next time… 

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Stocks.News holds positions in Tesla as mentioned in the article.