Tesla’s Cybertruck Sales Surge Despite Various Issues
Stunning Performance Exceeds Expectations
After years of delays and speculation, Tesla officially began delivering its highly anticipated Cybertruck in November 2023. With its bold, futuristic design, the Cybertruck had generated significant interest well before its launch, amassing more than 100,000 reservations worldwide. Despite concerns over multiple delays and production constraints, the Cybertruck sold out quickly upon release.
Now, with mass production ramping up, sales are soaring. While the Cybertruck has faced its fair share of quality and safety issues, its unique design, bulletproof body, and powerful acceleration have made it a standout in the market. Recent sales figures are nothing short of eye-catching.
Tesla Dominates U.S. EV Market with Cybertruck Leading the Pack
In a report released by Kelly Blue Book, a research arm of Cox Automotive, Tesla’s dominance in the U.S. electric vehicle market was reaffirmed. In the third quarter of 2024, 346,408 electric vehicles were sold in the U.S., and nearly half of them—166,923 units—came from Tesla.
Tesla’s overwhelming market share leaves other automakers far behind. Ford, which came in second, sold just 23,509 units, making the gap between Tesla and its closest competitor a staggering seven-fold difference. Tesla has sold 471,374 electric vehicles so far in 2024, out of a total of 946,143 units sold in the U.S., meaning Tesla continues to hold a 50% market share in the country.
Cybertruck Makes an Impact in the Top Three
The best-selling single model was the Tesla Model Y, with 86,801 units sold, accounting for 25% of the market. The second-place finisher was also a Tesla vehicle, with the Model 3 selling 58,423 units and accounting for 16.9% of the market. The two entry-level models drove most of Tesla’s sales. The third-place finisher is also a Tesla vehicle, but surprisingly, it’s not the Model S or Model X, but the Cybertruck.
Cybertruck’s sales volume in the third quarter of 2024 reached 16,692 units. This is the best performance in the electric pickup truck sector and is more than the sales of the three major competitors combined. The Ford F-150 Lightning, Rivian R1T, and Chevrolet Silverado EV, considered rival models of Cybertruck, sold 7,162 units, 3,817 units, and 1,995 units in the third quarter, respectively.
More Growth on the Horizon
While these sales figures are impressive, industry insiders believe this is only the beginning. Tesla has a large backlog of Cybertruck pre-orders, and with sales recently expanding into Mexico, Tesla’s reach is growing. Sales in Canada are set to start in October 2024, and a more affordable rear-wheel-drive (RWD) trim is expected to launch in 2025.
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