Tesla’s Cybertruck has reportedly emerged as the third best-selling electric vehicle (EV) in the United States for the third quarter (Q3) of 2024, outperforming every other EV on the market.
According to Cox Automotive estimates, Tesla sold nearly 17,000 Cybertrucks in Q3, trailing only the Tesla Model 3 sedan and Model Y SUV. This puts total Cybertruck sales for the year at over 28,000 a figure higher than Ford’s F-150 Lightning, Rivian’s R1T, and Chevy’s Silverado EV.
In comparison, Ford only sold about 7,000 F-150 Lightnings and 13,000 Mustang Mach-E SUVs in the same period. Rivian delivered just 3,800 R1T pickups. GM, despite early success with its Blazer and Equinox EVs, managed only around 32,000 total EV sales last quarter.
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Tesla acknowledged this achievement in its Q3 financial results, confirming a positive gross margin for the Cybertruck. The company generated $25.2 billion in sales and $2.2 billion in profit, with $739 million coming from regulatory credit sales. Additionally, Tesla began shipping its “Actually Smart Summon” feature and Full Self-Driving (Supervised) software to Cybertruck owners, allowing the company to recognize some upfront revenue.
In total, Tesla delivered 166,923 vehicles in Q3, capturing 48% of the 346,309 battery-electric vehicle (BEV) sales in the US. However, this marked the first time Tesla’s share of the US BEV market dropped below 50%. While Tesla continues to soar, hydrogen fuel cell vehicles have struggled to gain traction, with only 73 Toyota Mirai and 26 Hyundai Nexo models sold in Q3 2024.
The Cybertruck’s success is a testament to Tesla’s innovative design and strong brand appeal. Recall that during the launch in December last year, Tesla fans criticized the vehicle’s range and price, with several saying that they were reconsidering buying the Cybertruck after the underwhelming launch.
Despite its polarizing appearance and high price point, it has so far resonated with consumers seeking a unique and powerful electric vehicle. Meanwhile, traditional automakers like Ford and General Motors have struggled to gain traction in the electric vehicle market. The Cybertruck’s strong performance highlights the difficulties major automakers are facing in attracting customers to their electric offerings.
While it is not clear if the uptick in Tesla cybertruck sales will continue on an upward trajectory, Goldman Sachs analysts reckon that in 2025, Tesla will deliver 150,000 Cybertrucks. Wedbush sees 230,000 being sold that year. Morgan Stanley sees only 78,000 Cybertrucks being sold in 2025, for a total of just 108,000 vehicles over the next two years.
As the electric vehicle market continues to evolve, Tesla’s Cybertruck remains a standout. Its success highlights the company’s ability to innovate and meet consumer demand, while also posing a significant challenge to traditional automakers.
