Tesla’s Cybertruck is selling better than almost all other electric vehicles in the US

On By Yukito

Does Elon Musk have a Cybertruck hit?

I wouldn’t go that far. But ahead of Tesla’s results on Wednesday, it’s worth taking a look at the latest sales data from auto industry tracker Cox Automotive.

Tesla sold nearly 17,000 Cybertrucks in the third quarter, according to Cox estimates, making it the third most popular electric vehicle in the U.S. during that period. The only other electric vehicles that sold better were the Tesla Model 3 and Y.

So far in 2024, over 28,000 Cybertrucks have been sold. That’s more than the Ford F-150 Lightning, Rivian’s R1T and Chevy’s Silverado EV, Cox data shows.

Given the reports of the Cybertruck’s problems, its divisive design and negative reviews, these sales numbers are surprising.

Some even compared the Cybertruck’s angular body to the DeLorean and predicted a similar doom. However, Tesla’s pickup truck has already overtaken the sports car in terms of sales. DeLorean produced only about 9,000 vehicles before going bankrupt in the 1980s.

There have been other positive signs regarding electric vehicles recently. General Motors announced surprisingly good results earlier this week and highlighted strong sales of electric vehicles.

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Some of this recent strength in electric vehicles is due to leasing incentives that are available to more buyers in the U.S. Electric vehicle leasing has increased in recent quarters and now accounts for a significant portion of industry sales.

However, the Cybertruck cannot be rented, and the price of this vehicle is very high, around $100,000. So these sales are not really incentive driven.

It’s been about a year since this wild-looking vehicle went on sale. In December 2023, I researched Wall Street’s expectations. It was then expected that Tesla would sell approximately 48,500 Cybertrucks in 2024. This was the average forecast of analysts from Goldman Sachs, Morgan Stanley, UBS, Bernstein and Wedbush.

To achieve this goal, Tesla would need to sell approximately 20,000 Cybertrucks in the fourth quarter.

It can actually do it.