Tesla on Thursday night opened up the non-Foundation series Cybertruck to anyone, even those without a reservation, with deliveries as soon as this month. Tesla stock edged lower early Friday.
The suggests that Tesla Cybertruck reservations, estimated at the millions, may not have translated into significant actual orders.
The All-Wheel Drive Cybertruck is available at $79,900, with the Cybertruck going for $99,900. And there's not a long wait. New buyers will receive delivery in October-November.
The AWD Cybertruck is not currently eligible for the $7,500 IRA tax credit for individuals, but should be soon.
The EV giant has officially stopped selling the Foundation-series Cybertruck variants. The Foundation-series variants cost $20,000 more, though they came with the Full Self-Driving program and some other features.
Tesla only recently began letting reservation holders order the non-Foundation series variants. A huge number of people placed reservations since Elon Musk unveiled the Cybertruck in November 2019. But the refundable reservation was only $100. Also, many people were excited about the initial proposed price of $39,900.
Now the base model Tesla Cybertruck price is $60,900, but it's not available yet.
If Tesla has run down the reservation list already, it's not an encouraging sign for demand. Ending the non-Foundation series, and the extra $20,000, is a hit to margins, with the EV giant hoping to offset that with lower production costs from higher volumes.
If sales don't ramp up, or if Tesla has to start making the base model, the Cybertruck could be unprofitable beyond 2024.
Tesla will report third-quarter earnings on Oct. 23. Investors will be looking for hints about the still-unseen "affordable" vehicle as well and discussion of a long-awaited Model Y refresh.
In separate news, the National Highway Traffic Safety Administration (NHTSA) will probe Tesla after one of its vehicles hit a pedestrian while using Full Self-Driving.
Tesla Stock
Tesla stock edged down 0.7% to 219.60 early Friday. Shares have plunged 15.6% so far in October in the wake of Q3 deliveries and the Oct. 10 robotaxi event. TSLA stock is in a cup-with-handle base, but stuck below its 50-day line over the past week.
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