Tesla stopped accepting orders for the cheapest model of its electric pickup truck, the Cybertruck, which cost $61,000.
Currently, the $100,000 version is the cheapest model that can be ordered on the automaker’s website.
Consumers and investors have been closely monitoring supply and demand for the Tesla Cybertruck after CEO Elon Musk invested heavily in the electric truck lineup in recent years with the goal of producing 200,000 units annually.
Musk said last fall that Tesla had 1 million reservations for the truck.
Some customers said they are waiting for cheaper versions to become available because their prices are higher and their range is lower than originally predicted.
The unconventional, futuristic Cybertruck was first presented by Musk as a prototype in 2019. At the time, he estimated that the car would cost $40,000 and could travel 500 miles on a single battery charge.
Interested buyers could make a reservation with a refundable $100 deposit to secure their truck once deliveries began after lengthy delays that were delayed until the end of November 2023.
Tesla’s website no longer allows potential buyers to reserve a $61,000 version of the Cybertruck, which was offered with a range of 250 miles and scheduled delivery in 2025.
The company is currently offering a limited edition Foundation model for $99,990 that has a range of 318 miles and is expected to begin shipping later this month.
The Foundation Cyberbeast variant, with three motors and a range of 301 miles, costs $119,990 and will be available in October.
Sam Abuelsamid, an analyst at Guidehouse Insights, told Reuters that Tesla’s move “shows that demand is well below a million trucks,” adding: “They’re currently sitting on a large inventory of two- and three-motor trucks.”
Deliveries of the Cybertruck, which features a trapezoidal exterior design inspired by the film Bladerunner and a stainless steel body, began in November 2023 after years of delays and a difficult production ramp-up.
The first production Cybertruck candidate was completed in July 2023, about four years after Musk announced Tesla’s plans to manufacture the truck and two years after the originally planned start of production.
Musk said in 2022 that supply chain bottlenecks were affecting component procurement and contributing to the production delay.
Reuters contributed to this report.
