Tesla doubles the discounts on the 2024 Cybertruck due to its very low sales

Tesla is ramping up discounts on its 2024 Cybertruck model in response to demand issues and a backlog of inventory in Canada and the United States.

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Discounts reach up to $4,000 on the base model and $6,000 on the Foundations series. This strategy comes after Tesla faced difficulties selling the Cybertruck during its first full year of production, accumulating unsold units in its main markets.

In addition, the recent eligibility of the 2025 version of the Cybertruck for a federal tax credit of $7,500 could further complicate the situation, as the 2024 model does not qualify for this benefit, which could influence consumers’ purchasing decisions.

Elon Musk doesn’t want to eat tens of thousands of Cybertrucks: million-dollar losses

This change in tax eligibility occurs at a time when the continuity of the credit is being debated, as Republican senators have proposed a bill to eliminate it, which could negatively impact Cybertruck sales in the future.

It is estimated that Tesla has thousands of units of the 2024 Cybertruck in its inventory, and the new discounts are double what was offered last month. However, the actual impact of the tax credit on sales remains uncertain, given that the Cybertruck is at the upper end of the price range and its purchase is subject to income restrictions.

In light of this situation, analysts suggest that Tesla needs to accelerate the launch of a single motor version of the Cybertruck and adjust its production capacity to keep the program on track.

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Currently, the company does not seem to be on track to meet its production goal of 250,000 annual units of the Cybertruck under current demand conditions.