Tesla's Cybertruck Is Going To Be A Lot More Expensive Than People Thought, And Some Are Cancelling Their Reservations
Tesla has said the first deliveries of its long-awaited Cybertruck will begin November 30 at its Giga Texas facility. Just a little over a month out from the event, Tesla still has not finalized pricing for the truck. Some who have ordered Cybertrucks claim to have been contacted to pay up for their trucks, and have been met with sticker shock, quoting prices some 40 percent higher than what was announced at the truck’s unveiling in 2019. And based on recent government documents and Tesla’s own admission, it seems the $40,000 version isn’t happening anytime soon, and is potentially never coming at all.
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Back in 2019 when the Cybertruck rolled into our lives, we were fed all kinds of unbelievable numbers. The official line was that a base rear-wheel-drive model would run just $39,900. A two-motor version would cost $49,900, and a three-motor performance model—with 500+ miles of range, 14,000 pound tow rating, and 2.9-second 0-60 time—would cost an incredible $69,900. These numbers, along with a refundable $100 deposit, allegedly convinced over 2 million people to give Tesla an interest-free loan of around a quarter of a billion dollars.
First, let’s talk about that starting price. Tesla removed all Cybertruck pricing information from its site in 2021, and potential buyers have been in the dark about what they’re buying since. During the now-famous earnings call this week, Elon Musk said scale production of around a quarter million trucks per year won’t come onboard until 2025 (which based on Musk’s tendency to overpromise and underdeliver could, in reality, mean anything from 2027 to never), and the company will focus on the most expensive Cybertruck orders first. For the time being at least, Tesla has not filed for a series of VINs from the NHTSA that would indicate two-wheel drive models.
Further, the models that Tesla will be delivering, seem to be even more expensive than anyone thought they might be. According to the above anonymous Facebook post in the Tesla CyberTruck group, one buyer has been reached about finalizing their order, and since then three more have come forward to say the same thing. Sure, there has been some not insignificant inflation since 2019, and the price was always going to be higher than what Musk quoted back then, but did anyone see a hike from $69,900 to $98,990? Add on the overpriced and inappropriately named “Full Self Driving” driver assistance package, plus delivery fees, taxes, title fees, and licensing fees, and you’ve got a truck costing well into the six figures. Yikes.
It seems like the first few deliveries are going to be hand-assembled tri-motor trucks at a huge price. I’m sure a lot of people who put down deposits in 2019 for a $40,000 electric truck have asked for their $100 back in the last five years, and this revelation seems to have caused even more to do so. If the company says it’ll be another two years to get a base model example delivered, is it worth continuing to wait?
When the Cybertruck first launched, it was planned to be the first to market in a seemingly lucrative electric truck market. Back then the Rivian R1T, Ford Lightning, GMC Hummer, and Chevy Silverado EV didn’t exist, but every delay of the Cybertruck has been met with a new competitor in the segment. Rivian has lowered prices as demand wanes. Ford is doing the same, as Lightning demand seems sated. GM continues delaying its Ultium facility, and cancelled its own base model Silverado EV as demand fails to materialize for its EV trucks.
Will Tesla still be able to find enough people willing to plonk down a hundred grand for its half-assed electric truck? Or will it hand-assemble a few thousand, claim production issues made the truck impossible to scale, and cancel the whole thing and sweep it under the rug? Will people still be excited enough about a seven-year-old design by the time production is allegedly scheduled to ramp up? There sure are a lot of questions remaining to be answered about a truck that launched five years ago, Tesla. If only the company had a public relations department I could ask them to.
