The inventory of Tesla Cybertrucks has ballooned to a record-high of more than 10,000 units, Electrek reported.
At an average price of $78,000, Tesla and CEO Elon Musk could be sitting on nearly $800 million in Cybertruck inventory, according to Monday’s report. That many units accounts for roughly two quarters of sales, according to Electrek.
Electrek’s report comes weeks after Tesla began offering discounts of up to $10,550 on 2024 Cybertruck models in inventory. Those discounts were $4,000 higher than previous breaks.
Electrek reported that Tesla had at least 2,400 Cybertrucks in inventory at the end of the first quarter, reporting now that that number might have been higher.
“Sometimes, Tesla may have many vehicles with the exact same configuration at the same location and it will only publish a single listing for it,” Electrek wrote.
Tesla’s first-quarter profits plunged by more than two-thirds amid a boycott of Musk’s electric car company that has hurt sales and sent its stock plunging. The Austin, Texas, company said quarterly profits fell by 70% to to $409 million.
Further, Electrek reported Tesla has “significantly slowed” Cybertruck production in recent months.
Electrek called Tesla’s issues a “death spiral.”
“Who is going to buy one right now knowing Tesla will have to drop prices to move the inventory which will also crush resale values. Incentive is to wait which makes the problem for Tesla even worse,” Electrek wrote.
Information from the Associated Press was used in this report.
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