Among the vehicles offered by Tesla (TSLA), Cybertruck is showing a rapid rise in inventory. The firm is offering buyers up to $1,600 for its non-Foundation Series. Consumers willing to buy demo vehicles would get up to $2,630 off.
Speculators are guessing that Tesla slowed Cybertruck production in the last few weeks. However, a seasonal slowdown is just as likely during the holiday season. CEO Elon Musk cited the deployment of Cybertrucks to function as mobile stations in Los Angeles as contributing to the delivery delays.
Tesla is nowhere near the target of selling 500,000 Cybertruck vehicles annually. Last year, the firm delivered an estimated 40,000 units.
Sales Headwinds
Cybertrucks are depreciating quickly. Consumers would think twice before buying a new vehicle. Instead, they could buy the EV in the resale market to save at least $20,000.
Rivian (RIVN) is an up-and-coming competitor. The firm secured billions in funding from Volkswagen, in return for access to its vehicle software. Rivian also secured a $6.6 billion loan from the Department of Energy. The government provided the funds to support Rivian’s construction of a manufacturing facility in Georgia.
When Rivian produces more R2 SUVs and R3 crossovers at the Georgia plant, EV supplies in the U.S. will increase. This will add pressure to Cybertruck sales.
