Elon Musk is leaning into the luxury market.
Musk’s Tesla is ditching its cheapest version of the Cybertruck, which retailed for $61,00. Now the cheapest Cybertruck will start at a cool $100,000.
Musk appears to be banking on demand for the vehicle. He says 1 million people have made a reservation for the truck.
The prototype for the first Cybertruck was unveiled in 2019, but widespread production of the futuristic-looking vehicle didn’t hit its stride until late 2023.
The New York Post has the story here:
Tesla stopped taking orders for the cheapest model of its Cybertruck electric pickup, which was priced at $61,000.
Now, its $100,000 version is the cheapest model available for order on the automaker’s website.
Consumers and investors have closely monitored the supply and demand of Tesla’s Cybertruck after CEO Elon Musk invested heavily in the EV truck line in recent years with the goal of producing 200,000 annually.
Musk said last fall that Tesla had 1 million reservations for the truck.
Some customers have indicated they’re waiting for less expensive versions to be available because its prices have been higher and driving ranges lower than originally forecast.
The unconventional, futuristic Cybertruck was first unveiled as a prototype by Musk in 2019, when he estimated it would cost $40,000 and be able to travel 500 miles on a single charge.Interested buyers were able to place a reservation with a refundable $100 deposit to secure their truck once deliveries began after lengthy delays that pushed it back until late November 2023.