Stainless steel lemon
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Speaking of Elon, even extensive corporate cross-subsidization isn’t enough to stop the Cybertruck from becoming a catastrophe:
Tesla started delivering its unusually angular Cybertruck in 2023. Chief Executive Officer Elon Musk called it the company’s best product ever and estimated the carmaker might build more than 250,000 annually, depending on demand. Tesla sold less than one-sixth of that number in its first year, and the truck’s blocky looks became a punchline.
Edsel sales dropped each year the model was on the market, and Ford discontinued the car in 1959. Cybertruck sales are off to an even worse start. Only 7,133 have been registered in the US this year through May, according to S&P Global Mobility data provided to Bloomberg News. That count is buoyed by Musk’s other companies, with SpaceX building out a fleet of Cybertrucks.
Tesla doesn’t break out Cybertruck sales in its financial releases, and investors likely will be more focused on the company’s spending toward driverless vehicle and robotics ambitions when it reports second-quarter earnings on Wednesday. While the Cybertruck has been a huge disappointment for Tesla, Garrett Nelson, an equity analyst at CFRA Research, thinks it’s unlikely the company will announce it’s being discontinued in the next year or two.
“It’s possible that they try to do some sort of redesign, or come up with a different variant to try to boost sales,” he said, “but we think that would really be a futile effort.”
Most likely, Nelson said, “it’s probably just going to fade away.”
Tesla stock is down 15% this year, and there’s still plenty of air in the balloon.
The reporter also dug up the show introducing the Edsel. Much classier than Ron DeSantis!