Elon Musk in dire straits, slashes Cybertruck prices by $10K as unsold inventory stack up in abandoned mall

Economic Times

5 hours ago

Tesla Cybertruck faces sales challenges. Sales are lower than expected. Thousands of unsold Cybertrucks are parked in a shopping mall. The company sold only 6,000 units in the first quarter of 2025. Tesla is slowing production. Massive discounts and 0% financing are introduced.
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Tesla Cybertruck Sales Way Below Expectations
Big Discounts and 0% Financing to Boost Sales
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Tesla's much-hyped Cybertruck is hitting an unexpected roadblock, as declining sales have left thousands of the angular electric pickups sitting unsold and now parked in the lot of a disused shopping mall, as per a report.Less than 50,000 Cybertrucks have been sold since its launch in late 2023, which is way below the firm's yearly projection of 250,000 units at Gigafactory Texas, as per IBT. While Tesla CEO Elon Musk had said at that time that the EV giant could reach half a million trucks each year, as per the report.However, Tesla had trouble selling even 40,000 Cybertrucks in its first year, and its sales fell even more this year. The EV maker sold only 6,000 units during the first quarter of 2025, according to the report.Tesla had already started slowing down production earlier this year due to low demand and has now introduced massive discounts and introduced substantial price reductions of up to $10,000 on its angular pickup, reported IBT.Recently, the EV maker also unveiled its most substantial Cybertruck incentive of 0% APR financing for buyers who also purchase the truck's $8,000 Full Self-Driving Package, reported IBT. The company said that it would provide interest-free loans for Cybertruck until the end of the month, according to the report.As per data provided by inventory trackers, Tesla's Cybertruck stock in the US is currently more than 3,700 units, which is valued at over $300 million, as per IBT. Tesla's offer until 30 June could be the company's attempt to decrease its inventory before the quarter ends, reported IBT.Sales are much lower than expected, and now thousands of unsold trucks are just sitting in a mall parking lot.Only 6,000 units were sold in the first quarter of 2025, as per IBT.