Tesla halts orders for cheapest Cybertruck, introduces $100,000 model

Tesla has stopped orders for the cheapest version of its Cybertruck, listed at $61,000. Instead, it is getting ready an existing $100,000 version for immediate order, promising deliveries as early as this month, according to its website.

Tesla investors and fans closely watch demand and supply of the Cybertruck because Chief Executive Elon Musk has invested so much in the development of the truck and plans to churn 200,000 of them out per year.

As recently as October, Musk said Tesla had 1 million reservations for the truck. Some customers have indicated they are waiting for less expensive versions because prices are higher and driving ranges are lower than originally forecast.

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"It shows that demand is a lot less than a million trucks," Guidehouse Insights analyst Sam Abuelsamid told Reuters.

The Cybertruck sold nearly 4,800 units in July—its best month yet, and by a wide margin, the top-selling vehicle in the US above $100,000, according to Cox Automotive. "They have sold more than 16,000 so far, but sustained high volume at that price point will be a challenge," said a spokesperson at Cox via email.

Deliveries of the Cybertruck – with its unconventional trapezoidal exterior design inspired by the movie "Blade Runner" and a stainless-steel body – began in November 2023 after years of delay and a bruising production ramp-up. Musk, in 2019, had estimated the truck would cost $40,000 and be able to travel 500 miles or more on a single charge.

Tesla's website no longer reserves a $61,000 version of the Cybertruck that had been offered with a 250-mile range and targeted delivery in 2025. The $99,990 dual-motor variant Foundation limited series can go 318 miles and has an estimated delivery as early as this month, while the $119,990 tri-motor Foundation Cyberbeast goes 301 miles and is available from October.

"They're sitting on a lot of inventory of two-motor and three-motor trucks right now," Abuelsamid said.