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Tesla (TSLA.US) is offering discounts on some Cybertruck pickups as the competition in the EV market intensifies.

Market IntelThursday, Jan 16, 2025 8:50 am ET

1min read

According to Tesla's website, the company will begin offering discounts on its Cybertruck electric pickup trucks in inventory this week. The discounts range from $1,600 for the new Cybertruck to $2,630 for the demo trucks, depending on the configuration, the information showed.

Production of Cybertruck at Tesla's factory in Austin, Texas has slowed in recent weeks, though production slowdowns during the holiday period are common in the auto industry. This week, Tesla CEO Elon Musk apologized to California customers for delays in Cybertruck deliveries, stating that the company needed to deploy trucks as mobile base stations to help deal with wildfires in the Los Angeles area.

Musk previously stated that the company could sell 500,000 Cybertrucks a year, but Tesla delivered about 40,000 Cybertrucks last year. Tesla reported delivering about 1.79 million vehicles globally in 2024, down 1.1% from a record 1.81 million in 2023. This was the first time Tesla's annual vehicle deliveries fell year-on-year since 2011.

As of the time of writing, Tesla shares were down 1% before the market opened.

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