Tesla may return Cybertruck deposits as production winds down after eight months
Production is set to wind down
Musk said Monday that Tesla expects to stop making the Cybertruck in about eight months. Before then, the company will try to produce as many as it can.
He also said many customers who paid deposits will have to receive their money back. The statement did not specify how many deposits would be returned.
Analyst points to price and demand
Dan Ives, senior managing director of Yorkville Ives & Co., told CBS News that the Cybertruck’s high price and low demand had made the production decision foreseeable. Ives said ending production would give Musk more time to focus on robotics and robotaxis. He also said the potential value of additional Cybercab production outweighed the complexity of the Cybertruck.
Truck launched in 2019
Tesla introduced the Cybertruck in 2019, with a starting price of $69,000. The planned production shutdown and deposit returns mark a change for the electric pickup, which Tesla has been making since its launch.
Key points
- Musk said Tesla expects to shut the Cybertruck production line in about eight months.
- Tesla plans to build as many trucks as possible before production ends.
- Many Cybertruck customers will have their deposits returned.
- Analyst Dan Ives cited high prices and low demand as reasons for the production decision.