As demand for the Cybertruck can’t reach more than about 10% of Tesla’s planned production capacity, Elon Musk used his privately owned company to try to boost demand.
We now learn that SpaceX has bought tens of millions of dollars’ worth of Cybertrucks – potentially over a hundred million.
Elon Musk said that he expects Tesla to sell as many as 500,000 Cybertrucks per year.
Tesla actually planned to produce up to 250,000 Cybertrucks annually at the Gigafactory Texas. It never came even close to that.
The automaker is extremely opaque about its sales data, bundling Model S, Model X, and Cybertruck sales together.
However, based on registration data and historical split of Model S/X sales, we can estimate that Tesla is having issues selling even 20,000 Cybertrucks per year – less than 10% of its planned capacity.
By definition, the Cybertruck is a commercial flop.
Tesla boasted over 1 million reservations for the vehicle ahead of production, but it is estimated to have converted only about 60,000 of those reservations into orders since production began more than 2 years ago.
There are many reasons for this, but it is primarily because the Cybertruck costs much more than initially announced at the unveiling in 2019 and has less range and fewer cool features than the prototype.
SpaceX to the rescue
Earlier this year, we reported that Tesla started delivering truckloads of Cybertrucks to SpaceX and xAI, Elon Musk’s privately owned companies.
Now, a source familiar with the matter told Electrek that SpaceX bought over 1,000 Cybertrucks from Tesla and that it could ramp up to about 2,000 over time.
Hundreds of Cybertrucks can currently be seen parked in SpaceX’s lots in Southern Texas:
With a base price of $80,000, it would represent between $80 million and $160 million in sales.
It would be a significant help to Tesla’s performance in the fourth quarter, as the automaker is suffering from EV incentives ending in the US at the end of the third quarter, which remains Tesla’s most important market.
Electrek’s Take
SpaceX has been helping out Elon’s other companies quite a bit lately. It has reportedly committed to invest $2 billion into xAI, which is burning cash at an insane rate. Now, they are buying tens of millions to over a hundred million worth of Cybertruck, which are sitting in Tesla’s inventory, making its 4th quarter look even worse than it already is.
Can’t blame him here. This is legal. Although SpaceX investors might have concerns about how smart a purchase this is and what the utilization rate of those trucks looks like.
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