In Q1 2024, Tesla's Cybertruck sales fell significantly, with just over 6,400 units sold, down from more than 12,000 in previous quarters. Although the vehicle was initially launched amid much excitement and preorders, its real-world impact has lagged behind expectations. CEO Elon Musk has adjusted annual production estimates down to approximately 120,000 units from an original projection of 250,000. Tesla's luxury Model S and X also struggled, selling a total of just 5,200 units, showcasing a broader trend of increased competition and lost market share in the electric vehicle market.
Tesla's Cybertruck sales continued to decline in Q1 2024, revealing significant challenges amidst increasing competition and waning consumer interest.
Despite initial hype and a backlog of preorders, the Cybertruck is struggling to sell, capitalizing on only 21% of its production capacity.
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