Tesla Finds New Buyer For Unsold Cybertrucks: SpaceX, xAI Stepping In
Tesla's Cybertruck, once expected to have high demand, is struggling with sales, prompting the company to sell hundreds of units to SpaceX and xAI, both linked to CEO Elon Musk. Despite plans for 250,000 annual production, only 16,097 Cybertrucks were sold in the U.S. in the first three quarters of the year, with a significant decline in demand compared to other electric pickups. This strategy may help Tesla manage its increasing inventory and boost fourth-quarter deliveries as the Federal EV tax credit expires.
Once believed to have demand in the millions of units, the Cybertruck from Tesla Inc. (NASDAQ:TSLA) has failed to live up to expectations. With consumers not buying Cybertruck vehicles that have already been produced, Tesla has a new solution.
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Tesla Gets New Cybertruck Buyers
Tesla CEO Elon Musk is involved with multiple companies and they sometimes buy and sell items from each other, posing potential conflicts.
A new report from Electrek says SpaceX and xAI, two companies tied to Musk, are buying hundreds of Cybertruck vehicles.
Benzinga reached out to Tesla for comment and did not hear back.
With the Cybertruck experiencing less demand than expected, its inventory of electric pickup trucks is increasing. To get rid of unwanted inventory, Tesla may be relying on the other Musk-related companies to help out.
Electrek reports that xAI offices took delivery of several truckloads of Cybertrucks recently. SpaceX took delivery of hundreds of Cybertrucks recently and could add hundreds more.
Cybertruck lead engineer Wes Morrill recently said that SpaceX is replacing its support fleet with Cybertrucks.
"Love to see ICE support fleets from Tesla and SpaceX get replaced with Cybertruck. When we were engineering it, this was always part of the dream," Morrill said.
Morrill didn't specify the number of vehicles SpaceX has added from Tesla or how many Tesla fleet vehicles are being phased out for the Cybertruck.
Read Also: Tesla Cybertruck Underperformed In The US: Will The International Launch Be Different?
Cybertruck Demand Declines
Musk once had plans for producing 250,000 Cybertruck units annually. New data shows the company sold 16,097 Cybertrucks in the U.S. through the first three quarters of the year.
While the Cybertruck is entering some international markets, the current annual delivery rate is going to be under 25,000 units.
Data from Cox Automotive shows that Tesla sold an estimated 5,385 Cybertrucks in the U.S. in the third quarter, down 62.6% year-over-year.
The decline occurred while overall electric vehicle sales in the country reached a record 438,487 units, representing a 29.6% year-over-year increase. The decline also coincided with increased demand for other electric pickup trucks.
The F-150 Lightning from Ford sold 39.7% more units in the third quarter in the U.S. on a year-over-year basis. The Chevrolet Silverado and GMC Sierra had unit sales up 97.5% and 771.8% year-over-year, respectively.
With the expiration of the Federal EV tax credit, Tesla could be selling off Cybertrucks to Musk-related companies to help boost fourth-quarter deliveries, which are expected to drop. The sales might also be happening now that all Cybertruck reservation holders have their vehicles.
- Here’s How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019
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