Tesla Taking Cybertruck Trade-Ins, Staggering Depreciation
Tesla has reversed course and is now accepting Cybertruck trade-ins.
When Cybertruck deliveries began rolling out in late 2023, Tesla said it would not accept trade-ins.
Now, things have changed, reports EV news site Electrek, following what it calls "a commercial flop" for the electric truck's sales.
Related: A Tesla Executive Received a Record Pay Package, and It's Not Elon Musk
In the lead up to vehicle sales and deliveries, Tesla said it had over one million reservations, but per Electrek, only about 40,000 of those reservations became actual orders.
The newly announced trade-in program offers a bleak picture for Cybertruck owners when it comes to trade-in value.
Cybertruck Owners Club reports that a 2024 Cybertruck AWD Foundation Series, which sold for $100,000, with 6,000 miles on the odometer, could be traded in for just $65,400. That's a 34.6% depreciation in just a year. According to Kelly Blue Book, most new vehicles lose about 20% of their initial value in the first year.
Elecktrek blames the steep dropoff in value on overproduction (what they call a lack of "scarcity") and the underwhelming performance of those trucks that did find buyers. Inside EVs notes that 46,096 Cybertrucks manufactured between November 2023 and February 2025 were recalled due to an "adhesive issue" that led to pieces of the metal trim coming off the vehicle while it was driving.
Related: 'Not a Money Thing': Elon Musk Says He Is Committing to 5 More Years as Tesla's CEO. Here's Why.
During an interview at the Qatar Economic Forum this week, Tesla CEO Elon Musk seemed undeterred by the company's struggles.
"You can just look at the stock price if you want the best inside information," he said. "The stock market analysts have that, and a stock wouldn't be trading near all-time highs if it was not, if things weren't in good shape. They're fine, don't worry about it."
Tesla's chief executive also said he'd be staying with the company for at least another five years.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
23 minutes ago
- Bloomberg
Bloomberg: The Asia Trade 9/6/25
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Tokyo and Sydney with Shery Ahn and Haidi Stroud-Watts, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. Note: US Defense Secretary Pete Hegseth said in a post on X that Marines could be sent next if protests intensify in California. (Source: Bloomberg)
Bloomberg
33 minutes ago
- Bloomberg
Meta in Talks for Scale AI Multi-Billion Investment
Live on Bloomberg TV CC-Transcript 00:00Not exactly a household name. What do scale AI do. And how significant is the investment? Yeah, absolutely. Few people have heard outside of the world of technology and of course of this company, but it has grown in prominence. And now, of course, it's making headlines with this potential investment, 0 billion from META, as you say, one of the biggest private sector investments that we would have seen for years. So Scale AI it focuses on one of the three key components that you need to build out large language models, which is data. So you have energy chips and data, though those are the three main components that come together. And scale AI is squarely focused on data. So they train up, or at least they build out quality data that these models then feed in to train on and they hire PhDs and others to help work through that data and quantify it and tag it. So that's essentially the business model. They've also providing their own solutions into enterprise and have been pushing into defence as well. And I think what this deal tells us is a few things. One Meta of course, that Mark Zuckerberg is not going anywhere in terms of its investments around A.I.. They've pledged to invest at least $60 billion this year and 10 billion now for scale A.I.. If this, of course, comes to pass, so Meta is full bore on the focus on AI, particularly as well around data, it's a reminder that data is becoming a key battleground because along with energy and chips getting hold of the data, quality data is becoming increasingly difficult for these large language models. And so there is a fight on that spectrum as well. And then the third part of this, I think, in terms of what it tells us is defence technology Meta is increasingly working with the Pentagon, particularly further around things like virtual helmets and AI infused helmets for the military. And scale AI already has relationships with the Pentagon. So I think it's also a reminder that matter is getting closer in terms of defence technology as well. So on all three levels, I think those are the significance In terms of the deals that came through this company. Scale AI was valued at 14 billion USD back in 2024. You can imagine that that valuation is much higher now. Yeah. And also we've got London Tech Week kicking off today. What's the top of the agenda? Well, I was talking about data and energy and chips while chips will be front and center because Jensen Huang of nvidia will be giving the keynote speech at London Tech week later this morning alongside the Prime Minister Keir Starmer. Nvidia also expected to announce Jensen Huang some investments here in the UK around training the workforce to be able to use these A.I. applications. They've pledged to train about 100,000 people up until about 2030, investing in the R & D space as well in Bristol, Bristol here in the UK. So the focus is going to be on Jensen Huang has to say at that keynote speech and those investments and how the UK is trying to position itself in this AI race versus the US versus China and also as well versus their counterparts across the channel in Paris because France is also hosting Viva Tech, which is a big tech event and Jensen Huang will be going there as well. And France has been able to build out an AI ecosystem with tax cuts. That is something that arguably the UK government be looking for, which is desperate for growth. And there is one solution for this UK government. They hope to drive growth levels higher in the UK.
Washington Post
34 minutes ago
- Washington Post
Denny Hamlin wins at Michigan for his 3rd NASCAR Cup Series victory of the season
BROOKLYN, Mich. — Denny Hamlin is pulling off quite a juggling act. Hamlin outlasted the competition at Michigan International Speedway for his third NASCAR Cup Series victory of the season and 57th of his career, juggling his roles as a driver, expectant father and co-owner of a racing team that's suing NASCAR. 'The tackle box is full,' Hamlin said Sunday. 'There's all kinds of stuff going on.' Hamlin, in the No. 11 Toyota, went low to pass William Byron on the 197th of 200 laps and pulled away from the pack to win by more than a second over Chris Buescher. 'Just worked over the guys one by one, giving them different looks,' he said. Ty Gibbs finished third, matching a season best, followed by Bubba Wallace and Kyle Larson. The 44-year-old Hamlin was prepared to leave his team to join his fiancée, Jordan Fish, who is due to give birth to their third child, a boy. If she was in labor by Lap 50 or sooner at Michigan, he was prepared to leave the track. Hamlin said he would skip next week's race in Mexico City if necessary to witness the birth. To add something else to Hamlin's plate, he is also co-owner of 23XI Racing with Michael Jordan, which is involved in a lawsuit against NASCAR. He drives for Joe Gibbs Racing, which hadn't won at Michigan in a decade. 'I think it's the most underrated track that we go to,' said Hamlin, who has won three times on the 2-mile oval. Hamlin became JGR's winningest driver, surpassing Kyle Busch's 56 victories, and the 10th driver in NASCAR history to win after his 700th start. 'It feels good because I'm going to hate it when I'm not at the level I'm at now,' he said. 'I will certainly retire very quicky after that.' Hamlin's team set him up with enough fuel to win while many drivers, including Byron, ran out of gas late in the race. 'It really stings,' said Byron, the points leader, who was a season-worst 28th. 'We just burned more (fuel) and not able to do much about that.' Hamlin, meanwhile, wasn't on empty until his celebratory burnout was cut short. Pole-sitter Chase Briscoe was out front until Byron passed him on Lap 12. Buescher pulled ahead on Lap 36 and stayed up front to win his first stage this season. Ryan Blaney and Chase Elliott took turns with the lead before a crash involving Alex Bowman brought out the red flag on Lap 67. Byron took the lead again after a restart on Lap 78 as part of his strong start and surged to the front again to win the second stage. Carson Hocevar took the lead on Lap 152 and was informed soon thereafter that he didn't have enough fuel to finish, but that became moot because a flat tire forced him into the pits with 18 laps to go. Hocevar faded to a 29th-place finish, a week after he was second to match a career best at Nashville, where he created a buzz with an aggressive move that knocked Ricky Stenhouse Jr. out of the race. Bowman hit a wall with the front end of his No. 48 Chevrolet as part of a multi-car crash in his latest setback. 'That hurt a lot,' he said after passing a medical evaluation. 'That was probably top of the board on hits I've taken.' Bowman, who drives for Hendrick Motorsports, came to Michigan 12th in points and will leave lower in the standings. He has finished 27th or worse in seven of his last nine starts and didn't finish for a third time during the tough stretch. Defending race champion Tyler Reddick qualified 12th, but started last in the 36-car field because of unapproved adjustments and rallied to finish 13th. NASCAR shifts to Mexico City for its first points-paying international race in modern history on June 15. ___ AP auto racing:
