Musk bids farewell to Cybertruck as Tesla bets on robots and self-driving

So long, Tesla (TSLA) Cybertruck, we hardly knew ye.

Yes, it is official. The Tesla Cybertruck will soon be no more, per a post from CEO Elon Musk on his X account.

“Tesla will be winding down production of the Cybertruck at Gigafactory Texas around the middle of next year to make room for increased Cybercab production,” Musk wrote early Friday morning.

For many in the industry, this isn’t a surprise even with Musk’s grand pronouncements about the vehicle. Musk once boasted that Cybertruck demand was “so far off the hook, you can’t even see the hook,” and the company said it had over 1 million preorders.

But conversion to sales never materialized. Cox Automotive’s Kelley Blue Book estimated overall sales for the controversial pickup only hit around 71,000 since the vehicle went on sale in 2023. Tesla and Musk had built out capacity for Giga Austin to pump out 250K Cybertrucks per year; Tesla was selling about one-tenth that amount.

When the truck was first revealed in late 2019, Musk had promised a sub-$40,000 price tag for the cheapest version, and up to 500 miles of range for the top-end model. None of these things materialized.

Tesla had wanted to get the first models out by late 2021, but delays in finalizing design, creating the large stainless steel body panels, and, of course, the pandemic delayed its release. 

Now, after a near four-year run (by mid 2027), the Cybertruck is no more. 

Musk and Tesla point to the need to boost production of the upcoming Cybercab, which has been testing in certain robotaxi markets. The Cybercab — which has no steering wheel or pedals — is a huge bet on autonomy and essentially ride-sharing as opposed to private ownership (though Tesla says the Cybercab will eventually go on sale to consumers).

The Cybertruck’s discontinuation comes after the cancellation of the Model S sedan and Model X SUV, two of Tesla’s most significant — though pricey — models. At the time, Musk said the space at its Fremont factory where the S and X were made was needed for Optimus robot lines.

Now the EV truck space has a bit more clarity. Rivian’s R1T pickup and GM’s Chevrolet Silverado/GMC Sierra EV are now the only options; however, Ford will soon release the Fathom compact EV pickup. Then there’s Slate, the startup with a no-frills, bare-bones $25K pickup.

Musk’s soaring vision of Tesla as a robotics, software, and autonomy company is becoming clear. But many Tesla fans who enjoy driving their own vehicles may be concerned about what happens to the company’s remaining EVs for sale — if the bet for Tesla is on tech rather than cars. 

Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.