Tesla Cybertruck misses sales target by 84%
What's the story
Tesla's highly-anticipated Cybertruck EV is facing a major setback in sales, reminiscent of Ford's infamous Edsel failure. The futuristic vehicle has sold less than one-sixth of its target in its first year on the market. This has led some industry experts to draw parallels between Tesla's latest offering and Ford's long-dead Edsel, which was introduced almost 70 years ago but failed to meet sales expectations.
Sales slump
Cybertruck sales fall drastically in 1st year
Tesla CEO Elon Musk had touted the Cybertruck as the company's best product ever, predicting an annual production of over 250,000 units, depending on demand.
However, the company has registered only 7,133 units in the US this year through May, according to S&P Global Mobility data.
The truck's unique design has also been a topic of discussion among consumers.
Future prospects
Tesla unlikely to discontinue Cybertruck soon
Despite the disappointing sales, Garrett Nelson, an equity analyst at CFRA Research, doesn't expect Tesla to announce its discontinuation anytime soon.
He suggested that a redesign or a different variant could be introduced to boost sales.
However, he also said such efforts might not yield desired results and the model could eventually fade away from the market.
Design critiques
Edsel failed due to design and technical issues
The Edsel, launched in 1957 with a unique design and affordable price tag, failed to impress consumers amid a recession.
Its steering-wheel-based Teletouch transmission system often malfunctioned, adding to the car's woes.
Similarly, the Cybertruck has faced criticism for its polarizing design and high price tag. It also encountered production challenges due to its difficult-to-shape stainless-steel body.