Tesla has stopped taking orders for the cheapest model of its electric pickup truck, the Cybertruck, which was priced at $61,000.
Now, its $100,000 version is the cheapest model available to order on the automaker’s website.
Consumers and investors have been closely watching supply and demand for the Tesla Cybertruck after CEO Elon Musk invested heavily in the EV truck line in recent years with a goal of producing 200,000 trucks annually.
Musk said last fall that Tesla had 1 million reservations for the truck.
Some customers indicated that they were waiting for the less expensive versions to become available because their prices were higher and their driving range was less than originally expected.
The unconventional, futuristic Cybertruck was first revealed as a prototype by Musk in 2019, when he estimated it would cost $40,000 and be able to travel 500 miles on a single charge.
Interested buyers were able to place a reservation with a $100 refundable deposit to secure their truck once deliveries began after long delays pushed it to late November 2023.
Tesla’s website no longer offers potential buyers the ability to reserve a $61,000 version of the Cybertruck, which was offered with a 250-mile range and a target delivery date of 2025.
The limited-edition twin-motor Foundation model is currently offered for $99,990, has a range of 318 miles, and is expected to be delivered early this month.
The tri-motor Foundation Cyberbeast will be available for $119,990, with a range of up to 301 miles, starting in October.
Tesla’s move “shows that demand is much lower than a million trucks,” Guidehouse Insights analyst Sam Abuelsamid told Reuters. “They have a large inventory of dual- and triple-engine trucks right now.”
Deliveries of the Cybertruck, which features a trapezoidal exterior inspired by the movie “Bladerunner” and a stainless steel body, begin in November 2023 after years of delays and difficulty scaling up production.
The first Cybertruck candidate is set to be completed in July 2023, about four years after Musk announced Tesla’s plans to build the truck and two years after production was initially planned to begin.
Musk said in 2022 that supply chain shortages had impacted component sourcing and contributed to production delays.
Reuters contributed to this report.
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