Tesla's Cybertruck has been gaining popularity, with sales increasing and the average sales price exceeding $100,000. In May, Tesla sold nearly 3,000 Cybertrucks at an average price of over $108,667 according to Kelley Blue Book. This surge in sales has contributed to a 3.1% increase in Tesla's overall prices from April.
Stephanie Valdez Streaty, director of industry insights for Cox Automotive, the owner of Kelley Blue Book, states that the key factor with the Cybertruck isn't just the high transaction price but also the volume of sales. An increase in Cybertruck sales will drive prices higher for both Tesla and the EV market.
Tesla accounts for 51.3% of all EVs sold in the US, but that dominance has been eroding. In Q1, Tesla experienced a 13% year-over-year decline in sales, impacting the overall EV market to only grow by 2.6%. However, Tesla could get a much bigger boost from Cybertruck sales than it did in Q1.
The electric truck market isn't overcrowded, but the Cybertruck faces healthy competition from the Ford F-150 Lightning and Rivian R1T. It remains to be seen who will gain market share as production and consumer demand ultimately determine the outcome.
In China, a futuristic Cybertruck at the Tesla booth received significant attention at the 2024 World Intelligence Expo in Tianjin. Meanwhile, in Florida, a Tesla Cybertruck parked at a Starbucks in West Palm Beach drew gawkers and onlookers.
However, not all is positive for the Cybertruck. Tyler Hoover of Hoovies Garage sold his Cybertruck after a month of ownership due to disappointments with range, features, accessories and pricing. He was able to sell it for $111,000 and bought a 2023 Cadillac Lyriq for $42,000 instead.
Hoover criticized the truck's sharp edges, dinky control arms and rigid mud flaps. He also found the center touch screen frustrating to use but appreciated the power and acceleration of the Cybertruck.
Dealers were hesitant to take on used Cybertrucks due to pending release of cheaper trims and potential price drops. Used Cybertrucks prices have dropped significantly from markups earlier in the year to just above MSRP.
Roland Dane, a well-known figure in the automotive industry, has expressed his disappointment with the Cybertruck's external fit and finish, stating that it is abysmal. He also pointed out that stainless steel panels have sharp edges that could cause injury.