Not looking good:
1. A used CT is currently worth less than 58% on the used market
2. Less than 39k were sold in 2024
3. Time will tell how the glued-on panels & cast aluminum frame hold up (especially with towing!)
The Cybertruck v1 already struggled with being an overly-expensive ugly duckling, which already creates limited market appeal, but I think the recent political maneuvers may have sealed its fate. Marketing 101 is "don't sell what the product does, sell what the product does
for you." For many people, their car represents their image, and many people are stating that they are embarrassed to drive a Tesla because of Elon's behavior, which puts them at risk of harassment & vandalism (the Cybertruck line, in particular).
Politics aside, as a vehicle, the entire CT assembly line & Giga Presses are devoted to the current design. It seems like there would be some serious costs involved in updating the design, which the current sales numbers don't justify. Market-wise, JP Morgan put a price target of $120 (which I still consider to be over-valued) & it's estimated that Tesla will report a poor quarter due to declining shipments. In a recent poll, 53% of Americans have a negative view on Musk, which is affecting sales. So, I don't foresee any major changes being made due to the current sales & financial situation.
As a marketing guy, Musk's ability to hype the vision of Tesla has been what's propped everything up. Tesla's reputation has gone down the tubes in just 3 months. I have no idea the future will hold for Tesla & for the Cybertruck.
While Tesla is still the best-selling electric vehicle brand in the US, competition is heating up, and Musk’s right-wing authoritarian turn appears to be doing real damage.
Prices on pre-owned Teslas are falling at more than double the rate of the average car, according to research by CarGurus. Used cars overall have fallen 2.7% year over year, while used Teslas have declined 7.3%. A used Cybertruck, Tesla’s head-scratching experiment in car design that looks like it was based on a dare, is worth a whopping 58% less on the resale market.
Another report from Cars.com found that while searches for non-Tesla EVs were up 12% year-over-year last month, searches for Teslas have fallen 7%.
“We struggle to think of anything analogous in the history of the automotive industry, in which a brand has lost so much value so quickly,” wrote JPMorgan analysts in a note to clients last week.