Recap: Although the Cybertruck began missing CEO Elon Musk's stated goals as soon as it launched in late 2023, the odd-looking electric pickup truck sold well out of the gate. However, the vehicle's commercial performance has tanked over the last few months. Musk's political activities have soured public opinion on the company and contributed to declining global sales.
Multiple signs from the last two quarters indicate that sales of Tesla vehicles are declining more sharply than ever. The company is struggling to sell the Cybertruck in particular, as its perceived value has started to plunge.
In the first quarter of 2025, Tesla saw the biggest sales decline in its history. A January report showed that its year-over-year sales fell by half in Europe overall and by 70 percent in Germany despite rising sales of other EV brands. In February, sales dropped by 49 percent in China as the company reported its lowest numbers since 2022. Last month, Chinese EV automaker BYD outsold Tesla in Europe for the first time.
Meanwhile, data from multiple analysts shows that unsold Cybertruck inventory has grown dramatically over the past few weeks. In early May, listings exceeded 10,000 vehicles, totaling around $808 million in value and signaling low demand.
Furthermore, the Ford F-150 Lightning surpassed the Cybertruck as the most popular all-electric pickup truck in March and Q1 2025. However, newly reported trade-in values are the worst sign of the Tesla vehicle's performance over the last few months. The company only recently began accepting Cybertruck trade-ins, and a user on a Cybertruck owners forum reported receiving a $65,400 estimate on a 2024 all-wheel drive model with 6,211 miles, a roughly 34 percent depreciation rate in just one year.
CEO Elon Musk's close association with US President Donald Trump and his actions as the head of the so-called Department of Government Efficiency are likely the primary cause. The group has slashed government spending and laid off thousands of government employees, sparking a sharp political backlash. Tesla vehicles have been boycotted and vandalized in recent months, and drivers have begun displaying bumper stickers professing their disapproval of Musk to avoid being targeted.
Although the Cybertruck initially attracted strong enthusiasm, problems have plagued it since the beginning. It suffered multiple delays before launching in late 2023 with a price tag above Musk's original estimates. Since then, numerous recalls have hit the Cybertruck due to safety issues with components, including exterior panels, electric inverters, and acceleration pedals.
Tesla Cybertruck sales collapse, company accepts trade-ins with extreme depreciation
