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In the End, Only 2.5% of Cybertruck Reservation Holders Decided to Buy the Truck as Tesla Officially Finishes the Cybertruck Reservation List

Tesla has officially ended the Cybertruck reservation program in the US, as the EV maker exhausted the entire reservation list. Ultimately, only 2.5% of Cybertruck reservation holders went ahead and bought the truck.

Last week, based on multiple posts on various online forums, we reported that, in just nine days, Tesla was close to exhausting the entire 1 million Cybertruck reservation list.

This follows after Tesla started selling the non-Foundation Series, cheaper, $79,990 Cybertruck for the first time on October 4th. However, until today, you couldn’t simply go to Tesla’s website and order the vehicle.

People with first-day November 2019 Cybertruck reservations were given the first chance to take delivery of the truck, and invitations would be sent chronologically after that.

However, by October 13, we started to see several people who had ordered their Cybertrucks as late as July 2024 getting an invite from Tesla to take delivery of their truck.

After analyzing multiple individuals who shared irrefutable evidence, including communication they received from Tesla, we concluded that Tesla was struggling to convert Cybertruck reservations into sales and was close to running out of the Cybertruck reservation list.

Naturally, a number of Tesla fans were unhappy with our reporting. However, fast-forward a few days, and we have been vindicated as Tesla officially ended the Cybertruck reservation program proving that there are no more reservation holders left to sell a Cybertruck to.

With this move, Tesla has also ended the Foundation Series Cybertruck program, which costs $20,000 extra to advance in line in the Cybertruck order queue and receive around $15,000 of optional extras.

Now that Tesla has unquestionably exhausted the reservation list, the question is: What percentage of Cybertruck reservation holders, who were reported to be two to three million, finally purchased the vehicle?

Based on quarterly US EV sales data, we know that Tesla has delivered close to 25,000 Cybertrucks so far.

If we assume that of the 2 to 3 million reservation holders, 1 million were in the US, then only 2.5% of the Cybertruck reservation holders purchased the vehicle.

This might be one of history's biggest mismatches between reservation and product sales.

That said, even the 2.5% number might be too generous. We know that some of the 25,000 Cybertruck owners in the US are brand-new buyers who purchased the Foundation Series Cybertruck without any reservations.

This will further reduce the Cybertruck reservation list conversion rate to 2%. What’s surprising is that before Tesla started delivering the Cybertruck, Elon Musk was suggesting that the vehicle was sold out until 2027.

However, less than a year after starting deliveries and even before Tesla fully ramped up Cybertruck production, the reservation list is officially exhausted.

At this point, it’s important to ask who is to blame for this abysmal outcome… and unsurprisingly, the answer is that Tesla is to blame.

Back in 2019, when Tesla racked up the Cybertruck reservations, the EV maker promised the Cybertruck would start at $39,900, have 500 miles of range, and will have an exoskeleton body.

However, after Tesla massively jacked up the Cybertruck price, lowered the range, and reneged on the exoskeleton promises, it’s not at all surprising that many of the individuals who had reservations decided to no longer buy the vehicle.

What can Tesla do to increase Cybertruck demand?

The answer is simple: lower the price and increase the range. Of course, this is easier said than done. Tesla will need to do massive organizational work to achieve these rather straightforward goals.

For example, advancements in Tesla’s in-house 4680 cell will greatly help to achieve these goals.

Although the 4680 cells are in volume production, Tesla has yet to implement some of the most important breakthroughs, including the dry cathode manufacturing process, the silicon anode, the pure nickel cathode, the tabless design, etc.

All these changes will directly increase the Cybertruck’s range and decrease its price. In addition, Tesla needs to follow the usual cost-cutting practices and refinement for the Cybertruck that the company does for any other vehicle.

Overall, it’s surprising that Tesla has run out of the one million-plus Cybertruck reservation list even before the company is done ramping up production.

Personally, I think this is scary for Tesla’s prospects going forward. However, do let me know what you think in the comments. Share your ideas by clicking the red “Add new comment” button below. Also, visit our site, torquenews.com/Tesla, regularly for the latest updates.

Image: Courtesy of Tesla, inc.

For more information, check out: Tesla Hints Something Big Will Be Happening in 2 Days, the Only Clue “7, 17”

Tinsae Aregay has been following Tesla and the evolution of the EV space daily for several years. He covers everything about Tesla, from the cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.

Comments

AG (not verified)    October 18, 2024 - 2:39PM

I am one of those early reservation individuals from back in November 2019. Based on my reservation number I calculated that I was around 300K in line. Received an invitation for the foundation series which I declined (don't want to be a beta tester). Got my official invite more than a month ago and again declined as the truck has way too many issues from what you can read in the press and forums. Besides I kind of fell out of love with Tesla and Elon Musk due to his political antics. Definitely don't want to fund an unhinged SOB who consistently lies through his teeth. For reference I had 2 Model X vehicles back in 2015. We were promised FSD very soon! Sold them both in 2021 with no FSD in sight. I still can't believe people fall for his lies.

Roger Rodriguez (not verified)    October 18, 2024 - 3:08PM

I made a reservation for a single motor Cybertruck in July 2022. Nobody has contacted me about my order. I checked the Tesla website and the single motor Cybertruck is not yet available. I am confused by your claim that "Tesla has unquestionably exhausted the waiting list". I am here and still waiting for Tesla to build and fill my order for a single motor Cybertruck .

Bob (not verified)    October 27, 2024 - 6:43AM

In reply to by Roger Rodriguez (not verified)

As with all things that are political, now is not a good time to know the facts or the truth. A lot of people try because in a week we have an election, but I am sure once we get past this devisive time we will all be better off.

CL (not verified)    October 18, 2024 - 4:49PM

Tesla made a big mistake over promising and under delivering. However, they are learning this in real time as they will need to cut their margins drastically in order to continue selling. I’m a diehard Tesla fan but the sharp increase in price coupled with loss of many of the features makes this an easy decision. The 79k version will sell at 59k if they’re lucky.

Bennett Anderson (not verified)    October 18, 2024 - 9:10PM

Thank you for pointing out that CT as delivered is honestly a drastic imposter. I placed my order in spite of it's unorthodox even off putting looks not because of it. The specs were....WERE compelling. As delivered the specs are pedestrian. The reality you point out as well. If they missed this badly, after such a long delay, they have no credibility when it comes to a real fix.
A disappointed res. holder,
Ben

Stallion (not verified)    October 18, 2024 - 10:13PM

Are there any reservation lists for F150. TACOMA, SIERRA, Etc? How many Cybertrucks were sold in last 30 days? How many of the other brands were sold in same time period. Maybe this story is a non-issue?

Jack (not verified)    October 30, 2024 - 4:30PM

In reply to by Stallion (not verified)

When millions say they are going to purchase and few do. Yes it is a major problem. They reached my Reservation way sooner than I expected. And when I turned the first one down, the second one popped up a few weeks later. I am not going to buy.

Bow (not verified)    October 18, 2024 - 10:45PM

I am one of unhappy reservist. From 39k to $79???? No thanks I understand it costs more to build but I am not going to pay double for the truck. Tesla should refund $100 plus $5000 to compensate for mis advertising.

Daytongarmin (not verified)    October 19, 2024 - 12:34AM

The list of broken promises is a kind attempt to explain the tanking of the truck.
I cancelled my truck reservation after we decided not to get a Y. We have an X And used to have a ludicrous S. The deal breaker is Musk’s behavior. A lot of people are hopeful for a brighter EV future but we are not stupid.

Gary T (not verified)    October 19, 2024 - 1:05AM

Elon musk is an idiot. Why is he supporting Trump I pulled my reservation on that alone. I hope the company goes bankrupt.

Hey Zeus (not verified)    October 19, 2024 - 1:19AM

I also believe that Elon coming out as a trump supporter made a difference. Democrats have money too and common sense.

Patrick Noon (not verified)    October 19, 2024 - 2:09AM

After seeing a cryptic picture with no comparable references for size for 5 years, Tesla finally rolled out the real thing. My impression of it is the most bizarre ugly vehicle I have ever seen. It is too heavy to have a respectable miles per KWh of over 4 and has no other positive atributos. It reminds me of old Superman comics which had an alternate universe called Bizzaro World. The truck bed is too small to be of any use.
Smells like a scam.

RC (not verified)    October 19, 2024 - 2:12AM

I was a reservation holder who officially cancelled my reservation just a couple weeks ago. Here is the reason I cancelled in priority order:
1. Price, double the price of what they originally offered was too big of a stretch
2. Capabilities, neither the miles nor the strength of the truck was as good a promised
3. Elon himself, I don’t like what he is doing meddling and using my money to influence in a negative way, politics.

Alex (not verified)    October 19, 2024 - 4:54AM

They anticipated this: when I placed an order somewhere around December 2023, they promised delivery in 2024.
I didn’t believe at first, but recently I got an email to place an order starting front 79K, with delivery in November.
So, right after production start, they already knew the past reservations will last till about this fall.
I don’t know how sales will go further, but I’m confident that they will be better than products by Rivian (though its pickups are probably more “normal” and almost as capable), not to mention the overweight GM pickups.

Baseline (not verified)    October 19, 2024 - 5:44AM

I just don't understand what it's going to take for people to realize what a fraud Elon truly is. The Robotaxi unveil was a joke only slightly better than the shockingly bad Optimus unveil. The semi isn't viable, the roadster is still MIA and FSD is a literal pipe dream that's about to explode in Elons face after NTHSA finally investigates the latest fatality. Remember Elon claimed on multiple occasions "we can do this today". Years later they can't do any of it and are still years away from doing any of it. Yet his fanboys continue to believe Elons promises.

Sai (not verified)    October 19, 2024 - 6:03AM

I have been a big fan of Tesla(Elon Musk) for a long time now.
Even though we have so far within the family bought 5 teslas..lately have been loosing trust and my fanism started to fade.. we are at a loss because of the car price drops etc and still owe more than the car value to the banks because Tesla decided to drop prices and the resale value of our cars has affected us much. Apart from that they(Tesla) service centers are getting too expensive in labor costs and unexplainable issues they come up with and rack up labor cost even for design faults..

Yoemniz Baez (not verified)    October 19, 2024 - 8:38AM

I believe a lot of people are waiting for the $60K version truck to come up before they pull the trigger. I'm patiently waiting.

DONALD RICHARD… (not verified)    October 19, 2024 - 9:00AM

Pick up trucks don't cost $39000 anymore. It's 2024. And Cybertruck is out selling F-150 Lightning, Rivian R1T, Chevy Silverado EV, and Hummer EV. COMBINED.

Midvie132 (not verified)    October 19, 2024 - 9:16AM

Main reason is that the truck was supposed to be $50k and then fell behind in production time. Came out almost double the price and then had a lot of problems, which can be expected for a new model, but not at that price point.

JD (not verified)    October 19, 2024 - 9:32AM

Sometimes I feel like the smartest guy in the room (which I’m not), while all the “smart” guys are idiots (which they may be?) All these billionaires and these billion dollar companies seems to be as dumb as a rock in their evaluations of reservations and future sales. For starters, over promising and under delivering has become the new standard. Hopeful expectation seems to be the new business model. Both Ford and Tesla had such low deposit amounts that anyone who was bored while sitting on their couch one night put down a “deposit” for a truck. If they had made it a significant amount, maybe $5000, they would’ve reduced the me too’ers by 95% or more. They could’ve even made it refundable and it would have still been much closer to a realistic number. It was the most obvious miscalculation that I’ve ever seen.

Joseph (not verified)    October 19, 2024 - 10:54AM

Elon Musk is not the genius everyone makes him out to be. He's more like the magical OZ, with all his smoke and mirrors and false promises.

Andy Milne (not verified)    October 19, 2024 - 11:34AM

World wide reservation list? At least at the beginning, up to the first million or so, then at some point Tesla limited it to new reservations for only North America. We have no idea how many nut jobs in Norway thought that thing would be street legal there.
I’d hope the RWD Cybertruck reservation holders get to keep their place in the queue. They would be the bulk of the sales. I think only 12% of vehicles sold in North America are 4 wheel drive, so the conversion rate could go a lot higher.
A 50k RWD Cybertruck, with 10k of EV rebates, might be an appealing vehicle.

Elf (not verified)    October 19, 2024 - 12:04PM

They just dropped the price by $20,000. Seems to me the smart ones are the one that canceled their "founders" reservation. I can't talk; I still have a deposit down on an Aptera long range AWD that will never ship.

Rollie G Woods (not verified)    October 19, 2024 - 2:27PM

The other sad thing for all of us who made an early reservation is that Tesla has made it impossible to recover the deposit. It was only $100 US but still, they said you would receive a full refund if we decided to cancel, tried cancelling but it won't accept the request. I read that others have the same problem. So a $200 million dollar rip off by Tesla, never again

Dharmesh Patel (not verified)    October 19, 2024 - 3:25PM

I had the pull my reservation due to double the price and less range. If they go back to their original price and increase range will think about it.

Marc (not verified)    October 19, 2024 - 3:26PM

Put in 2 reservations on 2021: for the dual motor & tri-motor.

Test drove one in Metro Detroit in Aug. Drove very well and definitely felt like i was driving th future. Massive vehicle but 4 wheel stea made it a dream to drive.

Cabin materials and amenities were sparse and just did not feel like a $100k vehicle. Utilitarian at best .. a "work truck" interior.
Sharp edges, concerns over the bare aluminum finish in a 4 season state.
It just doesn't feel like a high quality product and definitely not worth the price. Had Tesla committed to original pricing, maybe just MAYBE I could be convinced to buy but it truly was a disappointment when seeing the finished product in person realtove to the price tag.