Tesla to refund many Cybertruck deposits as demand exceeds production, Musk says
BENGALURU: Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, chief executive Elon Musk said, following last week’s announcement that the electric vehicle maker is winding down production of the pickup truck at its Texas factory.
Tesla is set to refund deposits for many Cybertruck orders as demand vastly outpaces production capabilities, according to CEO Elon Musk. The electric vehicle manufacturer announced on Monday that it will attempt to fulfill as many deposits as possible before shutting down the production line at its Texas factory in approximately eight months. Musk stated this on X, the social media platform formerly known as Twitter.
The decision follows Musk's earlier revelation that Tesla would increase production to meet outstanding Cybertruck orders before dismantling the line to focus on developing the Cybercab, a vehicle pivotal to the company's autonomous-driving initiatives. The production shutdown is slated for mid-2027, with resources being redirected towards the Cybercab.
Cybertruck debuted in late 2023, but sales have significantly lagged behind Musk's projections. According to Kelley Blue Book, US sales of the vehicle fell 48% to 20,237 units in 2023, a far cry from Musk's earlier prediction that annual Cybertruck sales could reach 250,000 vehicles.
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