Tesla is working through its giant backlog of over 1 million Cybertruck reservations pretty fast based on who it is inviting to configure.
After Tesla unveiled the Cybertruck, despite all the ridicule from the public regarding the design, the company managed to accumulate over 1 million reservations.
However, we noted that these reservations don’t represent the best intentions to buy as for the Cybertruck, Tesla reduced its deposit amount to just $100 -down from $500 to $40,000 depending on the vehicle program prior.
Furthermore, when Tesla unveiled the production version of the Cybertruck, it offered a lower range at a higher price, which would undoubtedly result in some reservation holders deciding not to go through with the purchase.
In addition, Tesla is currently only selling a “Foundation Series” version of the Cybertruck, which bundles all options together for $20,000 on top of the $80,000 Cybertruck dual motor price.
How many people are buying $100,000 trucks? Not that many is the answer.
With the Foundations Series, Tesla is only selling the dual and tri motor versions of the Cybertruc, but a reservation tally showed that the vast majority of buyers wanted these two versions.
But despite Tesla having over 1 million reservations for about 3 years and only having sold an estimated 15,000 to 20,000 Cybertrucks, Tesla is already having issues finding new buyers for Foundation Series.
Electrek received several reports from Cybertruck reservation holders who placed their reservations in the last year who are now getting contacted by Tesla to convert their reservations into orders.
In some cases, people who already got their Cybertrucks but who had multiple reservations are also being asked to configure their second Cybertruck.
In one case, a Texas resident who reached out to Electrek placed a reservation last month and received an invite to configure 2 weeks later.
During Tesla earnings call last month, the company confirmed that it plans to soon move on from producing only “Foundation Series” Cybertrucks.
Electrek’s Take
It does look like, despite its over 1 million reservations, Tesla is already exhausting the pool of over buyers of $100,000 trucks in the US.
Top comment by T-Dog
I made a reservation on day 1 because I was willing to look past the strange design for 500 miles of range. Not only did that range not ship, you left out that Elon also went nuts in the meantime. It was a no-brainer cancellation and instead of thinking it might be cool to see one on the road, I now laugh. Especially when you see that hideous thing from behind.
It’s not too surprising. Not that many people are buying $100,000 trucks.
Tesla is going to need to move on from the Foundations Series, reduce the price by $20,000, and open the Canadian market, which should increase the buyer pool by at least a few thousand.
But even with the cheaper rear-wheel-drive version coming next year, I fear Tesla is going to have a hard time selling 250,000 Cybertrucks per year.
