Tesla to pull the plug on Cybertruck after years of poor sales

Tesla plans to cease production of the Cybertruck at its Texas gigafactory by mid-2027, according to CEO Elon Musk's announcement on social media platform X. The decision follows years of disappointing sales for the futuristic electric vehicle, which was initially positioned as a competitor to traditional pickup trucks. Musk's move represents a significant shift away from one of his most high-profile projects.

The company will instead focus on producing the Cybercab, a robotaxi central to Tesla's autonomous vehicle strategy, although the commercial viability of this model remains uncertain. The announcement arrives amidst a challenging period for Musk, following the automaker's loss of over $180 billion in market capitalization over a week, and his record political spending of nearly half a billion dollars during the U.S. midterm elections, which saw most of the Republican candidates he supported lose.

The final steps of the Cybertruck production cessation, including whether the decision will lead to relocation or a complete shutdown, have yet to be determined. However, it is known that Tesla's Austin plant is the only facility among its current operations capable of manufacturing the specialized vehicle.