Tesla to refund Cybertruck deposits as demand exceeds production

Tesla has announced that many customers who placed deposits for the Cybertruck will receive refunds, as demand for the electric pickup truck has significantly lagged behind Elon Musk's projections. Following the announcement that production will be shut down at the end of 2027, Musk stated on X that Tesla will attempt to produce as many Cybertrucks as possible before the production line is dismantled.

However, a substantial number of deposits will need to be returned to customers. The shift in strategy comes after Musk stated that Tesla would temporarily add an extra production shift to fulfill existing orders before dismantling the manufacturing line. This decision is aimed at redirecting resources towards the Cybercab, a vehicle that Musk believes is crucial for the company's autonomous-driving ambitions.

Despite the Cybertruck's promising debut in late 2023, US sales have plummeted by 48% to 20,237 units in 2023, falling far short of Musk's earlier forecast of annual sales reaching 250,000 units.