Tesla is offering discounted financing on its Cybertruck as demand for the electric pickup falls short of expectations. For a limited time, Tesla is offering a 1.99% APR for well-qualified buyers, compared to the standard 5.84% APR. This move is the latest in a series of strategies aimed at stimulating sales.
Despite securing over 1 million reservations, actual deliveries of the Cybertruck have drastically underperformed Tesla’s projections. While the automaker does not officially report Cybertruck sales, Cox Automotive’s EV Sales Report revealed that Tesla sold 38,965 Cybertrucks in 2024. This number starkly contrasts CEO Elon Musk’s original projection of 500,000 units annually. Adding to the concerns, during Tesla’s fourth-quarter earnings call, Musk notably failed to mention the Cybertruck despite it being the company’s only new vehicle released in the past five years.
In response to slowing demand, Tesla has revamped its strategy to boost interest and drive sales. The company introduced leasing options for the Cybertruck in December and has since expanded incentives, including:
- $1,000 referral bonuses
- Free wraps ($6,000 value) for the Foundation Series model
- Complimentary lifetime Supercharging on select Cybertruck models
Tesla may attempt to spark further demand with the launch of a single-motor Cybertruck RWD, which is rumored to arrive in 2025. The model was recently listed in the Internal Revenue Service’s list of EVs eligible for federal tax credits.
It’s likely that the single-motor Cybertruck will have a lower price, but it’s uncertain whether it will significantly boost sales enough to meet Musk’s original goal. With the Cybertruck being Tesla’s only new model release in five years, its underwhelming performance is shaping up to be a commercial disappointment for the automaker.
