Tesla to refund many Cybertruck deposits as demand exceeds production, Musk says
Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week’s announcement that the electric vehicle maker is winding down the pickup truck’s production at its Texas factory. “We will try to make as many as possible before shutting down the line in about 8 months, but will have to return deposits for a lot of…
Tesla is set to refund deposits from many Cybertruck buyers as demand far exceeds the production capacity, according to CEO Elon Musk. The company has announced that it will wind down the pickup truck's production at its Texas factory in approximately eight months. During this process, Tesla aims to return deposits for as many customers as possible, but some refunds will inevitably be necessary.
Musk made this statement on X, following the company's decision to reduce Cybertruck production. The automaker plans to add an extra production shift in an attempt to fulfill outstanding Cybertruck orders before the production line is dismantled next year to focus on developing the Cybercab, a vehicle crucial to Tesla's autonomous-driving ambitions.
Despite the initial excitement surrounding the Cybertruck, demand has significantly underwhelmed Musk's expectations. In 2023, Tesla delivered the Cybertruck to just 20,237 units in the United States, a stark contrast to Musk's earlier projection of 250,000 annual sales.
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