Tesla announces massive discounts on Cybertruck inventory amid plummeting profits: 'They aren't moving them'
The automaker is offering up to $10,550 off Cybertruck inventory units in the United States for 2024 model year vehicles, according to Teslarati. There had been a $6,000 discount offered on the electric vehicles.
In addition to the price reduction, every Foundation Series Cybertruck purchased will receive free lifetime Supercharging.
While the Cybertruck was the top-selling electric pickup in the country in fall, its high price point has made it inaccessible to many consumers.
However, there are many other EV options to choose from as the more eco-friendly transportation alternative continues to grow in popularity. In fact, Cox Automotive found that 1.3 million EVs were sold in the U.S. in 2024 — an uptick of 7.3% compared to the previous year.
That's good news for the planet, too, as the Department of Energy reports that the transportation sector is the largest source of heat-trapping pollution in the nation.
Driving an EV doesn't only help the environment, though. It can also improve public health. EVs produce zero asthma-linked tailpipe emissions, and even when accounting for pollution during other stages of their lifecycle, EVS are responsible for far less emissions over their lifetimes than gas-powered cars, per the Environmental Protection Agency.
Making the switch to an EV can also help keep money in your pocket. Drivers can save $1,500 a year on gas and maintenance by going electric.
As previously mentioned, the Cybertruck discounts are being offered while Tesla experiences a steep decline in profits. According to USA Today, Tesla's net income in the first quarter dropped 71%. Revenue was down 9%.
CEO Elon Musk, whose approach as the de facto head of the Department of Government Efficiency has drawn significant backlash, attributed the decline to "changing political sentiment" and a "rapidly evolving trade policy," per the report.
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Tesla is also facing increased competition as a growing number of established and emerging EV automakers expand their offerings.
It is unclear whether that factored into the decision to offer Cybertrucks at a reduced price point. In March, Tesla issued a recall on more than 46,000 Cybertrucks. It was the eighth recall for the vehicle in just about one and a half years.
Following the recall, Tesla introduced a separate upgrade to improve Cybertruck safety. The automaker added tire sensors that measure tread depth, road conditions, temperature, and camber alignment.
One Teslarati commenter had a straightforward take on the matter, writing: "Unless they get the cost down they aren't moving them. There seems to be an appetite for around $40k as it was initially promised."
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