Tesla stopped taking orders for the cheapest model of its Cybertruck electric pickup, which was priced at $61,000. Now, its $100,000 version is the cheapest model available for order on the automaker's website.
Consumers and investors have closely monitored the supply and demand of Tesla's Cybertruck after CEO Elon Musk invested heavily in the EV truck line in recent years with the goal of producing 200,000 annually.
Musk said last fall that Tesla had 1 million reservations for the truck. Some customers have indicated they're waiting for less expensive versions to be available because its prices have been higher and driving ranges lower than originally forecast.
The unconventional, futuristic Cybertruck was first unveiled as a prototype by Musk in 2019, when he estimated it would cost $40,000 and be able to travel 500 miles on a single charge. Interested buyers were able to place a reservation with a refundable $100 deposit to secure their truck once deliveries began after lengthy delays that pushed it back until late November 2023.
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Tesla's website no longer offers would-be buyers the ability to reserve a $61,000 version of the Cybertruck, which had been offered with a 250-mile range and a targeted delivery of 2025.
It currently offers a $99,990 dual-motor variant Foundation limited series model that has a 318-mile range and is estimated to be delivered as early as this month. The $119,990 tri-motor Foundation Cyberbeast variant, with a range of 301 miles, will be available starting in October.
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Guidehouse Insights analyst Sam Abuelsamid told Reuters that Tesla's move "shows that demand is a lot less than a million trucks" and added, "They're sitting on a lot of inventory of two-motor and three-motor trucks right now."
Deliveries of the Cybertruck, which features a trapezoidal exterior design that was inspired by the movie "Bladerunner," as well as a stainless steel body, began in November 2023 after years of delay and a difficult production ramp-up.
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The first production candidate Cybertruck was completed in July 2023, roughly four years after Musk announced Tesla's plans to make the truck and two years after production was initially planned to begin.
Musk said in 2022 that supply chain shortages affected the sourcing of components and contributed to the production delay.
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Reuters contributed to this report.
