Elon Musk-owned Tesla has significantly increased discounts on its Cybertruck in recent days as the electric pickup truck struggles with sluggish demand and rising inventory, a report has said. The automaker faced challenges selling the Cybertruck in 2024, its first full year of production.
According to a report by The Economic Times, Tesla is offering discounts of up to $6,000 on available Cybertrucks in the US. This discount is, however, on Foundation Series Cybertrucks and $5,100 on non-Foundation Series Cybertrucks in its inventory. The offers apply to new 2024 model-year vehicles.
Previous reports indicated Tesla resorted to removing "Foundations Series" badges from some Cybertrucks to market them as less expensive models and even homologated US-spec Cybertrucks for the Canadian market in an attempt to boost sales.
Despite these efforts, inventory continues to accumulate in both Canada and the US. Adding to the complexity, the 2025 Cybertruck model now qualifies for the $7,500 federal tax credit for electric vehicles, while the remaining 2024 models do not.
About $2000 discount on Cybertrucks in January
In January, Tesla offered discounts of up to $1,600 on new Cybertrucks, with the amount varying by configuration. Demo models currently in inventory were discounted even further, by up to approximately $2,600, according to online listings. Production of the distinctive, stainless-steel pickup truck has reportedly slowed recently at Tesla's Austin, Texas factory, a report by CNBC suggested.
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