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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

Rodken (not verified)    October 19, 2024 - 3:34PM

How many times will Elon promise something and not deliver? It's been lies from the beginning. We are only seeing how things actually are now. Tesla had big dreams. That's it!! Oh and huge ridiculous grants!

Mark De (not verified)    October 19, 2024 - 3:56PM

I agree with your observation a.
Too expensive and not enough range. But the beautiful thing about the truck,it is really ugly. I wouldn’t take one, if they gave it to me. How much gravel can it haul?

T K (not verified)    October 19, 2024 - 4:11PM

I am one of those millions, and the explanation of not pushing with the non refundable deposit is very Simple my Dear Hero Elon Musk.
You didn't deliver on your promises of an affordable SUV that is meant to make Automotive History and be your Magnum Opus.
Make it so, and not Only i will buy it, but You will also be the Leonardo DaVinci of our Age.

Daniel Godinez (not verified)    October 19, 2024 - 5:16PM

When a salesman says "they're selling like hotcakes 🥞 " you can be pretty sure that he's lying. Apparently millions of gullible people came to their senses eventually.
Now that you realize to lose 25% resale value in the first 3 months walkaway fast. The "great cybertruck scam" as it will go down in history.

JJ (not verified)    October 19, 2024 - 6:36PM

I think you missed a big part of why so many folks cancelled their reservations; the day Elon said he would start supporting republicans was the last day that I believed that teslas goal to reduce dependence on fossil fuels was genuine. You can’t seriously say that you want to reduce GHG and then financially and ideologically support the gop.

Will Griffith (not verified)    October 19, 2024 - 6:51PM

Maybe jumping into politics in a country super polarized by them, and jumping in on the side that typically doesn't like EVs wasn't the best choice?

Justin Robidas (not verified)    October 19, 2024 - 10:49PM

The in house 4680 would probably work better with honest feedback about the tesla that it charges and a little less aggressive spending on unnnessassay fuels

D. K (not verified)    October 19, 2024 - 11:04PM

I signed up for a tri-motor cybertruck with 600 miles of range for 80 grand. Not the bait and switch scam that musk is selling today. Until he addresses that, lives up to what he promised and stops being a political moron, I won't buy a cybertruck.

Don Frazier (not verified)    October 20, 2024 - 2:53AM

Maybe this will be the decisive blow to MAGAthink, and the whole Trump/Musk edifice of pompous, deceitful, grandstanding will finally collapse.

Terry Gallagher (not verified)    October 20, 2024 - 4:43AM

Tesla has had 5 years to fully bake a product that is now being sold at twice the original cost, 2/3 the original size, lacking originally marketed camping accessory modules, and is short on originally promised capability. It went from genius to douchebag status in as much time.

Monty (not verified)    October 20, 2024 - 8:13AM

100% agree. I was a day one reservation holder and was in the top 500 reservations for the 3 motor version. I was promised a cyber truck with 500 miles of range at $79,900. When the total rose to nearly $110,000 I decided my money would be more appropriate in another venue. Rather than going in debt for the "prestige" of owning the cyber truck I have already made $8k in interest on my money. Thanks Tesla for reneging on the agreed terms by raising the price and affording me the option to make a more rational decision!

Chris M (not verified)    October 20, 2024 - 9:12AM

Alternate headline: Tesla production has finally reached critical mass and the company was able to offer trucks to its entire reservation list.

What a major manufacturing victory. Production/delivery was always their Achilles heel.

I'm an early reservation holder from 2022 and I got my email just 9 days ago, so it's not like they've been slowly working through the list.

Did you think you could use last quarter's shipping volume as a way to measure how many people submitted orders on the first and only email that went out one week ago? Honest mistake, or politically motivated deception? The latter should be illegal for journalists

DeanMcManis (not verified)    October 20, 2024 - 12:14PM

If Tesla had met their pricing and range goals, then they would sell every Cybertruck that they could build. They already allowed buyers of the $125K model to "jump the line". And the cheapest model available to buy on their website is $80K! if they get the entry price down to match the F150 Lightning and Rivian R1T ($60K) then orders will really pick up. Every Cybertruck that I see, I think "Wow! somebody spent over $100K for that beast" But they are selling relatively briskly at that HUGE price!

Ren (not verified)    October 20, 2024 - 12:52PM

I say the truck is dead and will be cancelled. Nobody wants it. The truck does not have a timeless design. I think it already looks dated. There is no way they can lower the price that drastically. Not to mention the shit show existing buyers will be in. ( Model y anyone).
No, this thing is a failure.

John Stevens Pitney (not verified)    October 20, 2024 - 4:35PM

I'm one of those early reservation holders, originally quite excited to reserve a $70K 500 mile range "Cyber Beast." I saw years' worth of YouTube hype, never disputed by Tesla management, describing how Tesla would deliver trucks for the same or even lower price due to new manufacturing innovation, gigapresses, etc. I view the Cybertruck as a huge bait and switch, with a price increase and shrink-flation more than "inflation." Tesla, who has also in my view, ruined the solar industry, will need to drastically get close to their original terms to win me back as a customer. Meanwhile, I'll keep driving my Model S.

John Listinsky (not verified)    October 20, 2024 - 5:19PM

Tesla is unaffordable for the car buying public. The hidden costs of owning one is artfully hidden by the star struck media. Soon Tesla will be seen in the same light as Packards and the infamous Nash.

TFS (not verified)    October 20, 2024 - 7:54PM

Article forgot to put into perspective that when people started making reservations in 2019 to 2013, the world went to shit. Inflation and interest rates went through the roof... greatly reducing people's ability to purchase vehicles. All vehicles, all manufacturers, all price ranges. That being said, the fact that the cybertruck is the number one selling electric truck in only three quarters of production is actually remarkable.... in fact, it's out selling all other electric trucks combined. Far from a failure.... Ford is having to pay their dealers 26k to put F-150 lightnings on their lots. Can't move them, Rivian is close to bankruptcy (down 50% YTY) , the Hummer sucked 20 years ago and it
sucks now......

Edgar Cabrera (not verified)    October 21, 2024 - 12:38AM

You were right on the dot. Tesla screw us all by using us to finance the production of the cyber truck. They promised us the truck for a price and a delivery NLT 2 years. Then they hiked the promise price by 60% and a non-delivery for many years past the assured delivery date. That on top of other broken promises.
Even though Tesla broke so many promises, I would still take the cyber truck if they go back to the promised price they gave us in November 2019 and bring the range and quality as promised back then.

Kamran (not verified)    October 21, 2024 - 6:05AM

I was one of the early buyer of Cybertruck to put my name on the list in 2019. At that time I owned Tesla Model 3. I have decided not to buy the Cybertruck even though Tesla emailed me that I can now place the order. My only reason not to buy it because of the price. How can they offer lowest price model at $80k? In 2019 they had set the price of lowest priced model at $40k. Even though I never believed at that time that Tesla will keep their prices at that level due to inflation prices have to be raised but the increase doubling the initial estimates are outrageous. Unless price of the base model does not go around or near $60k I will not buy Cybertruck.

Mike Powers (not verified)    October 21, 2024 - 6:45AM

You’re forgetting another factor to blame - Elon himself. Many people in the EV world are on the left side of the political spectrum, and with Elon taking over Twitter and going far right, those people would rather put their money elsewhere now.

Jeff (not verified)    October 21, 2024 - 2:17PM

Decrease in size, elimination of exoskeleton and price were the three factors that led me to hold off for now. I was eager to buy a tri motor when I made the reservation years ago, but the design changes killed it for me.