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Big news for Tesla’s cybertruck this week, and
this one doesn’t involve pieces of it flying
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off at high speeds.
According to a new report from Electric,
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the newly embattled automaker has finally
started accepting trade-ins.
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The company delivered its first cybertruck in
November 2023,
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but as they’ve been rolled out to reservation
holders, Tesla hasn’t taken them back while
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Electric.
Has deemed the Cybertruck a commercial flop.
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It’s hard to argue with the numbers.
According to Cox Automotive,
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Tesla sold nearly 39,000 Cybertrucks last year,
its first full year of sales.
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Elon Musk’s early projections set expectations
around 250,000 units.
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Now for a bit more bad news for early adopters.
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The depreciation is significant.
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The 2024 Cybertruck Foundation series sold for
$100,000.
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As reported by Electric, Tesla is offering just
$65,400 in trade-in value,
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a depreciation of nearly 35% in just a year.
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Pickup trucks typically depreciate around 20%
in the first year.
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Coming off a tough quarter that saw Tesla’s
first quarter profit plunge more than 70%.
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And reports that the EV maker could have nearly
$200 million in cybertruck inventory,
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it’s struggling to move.
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It looks like the company’s futuristic electric
truck could soon become a thing of the past.
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I’m David Manti.
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This is manufacturing now.