Tesla has started offering a reduced loan rate for Cybertruck purchases, as the electric pickup truck has undoubtedly proven to be a flop.
Earlier, the company claimed to have received more than 1 million reservations for the Cybertruck, and CEO Elon Musk predicted production of 500 thousand units per year. However, this was before Tesla announced that the production version would be significantly more expensive and have a shorter range than originally expected.
The Cybertruck has been in production for a year and a half, and now it looks like Tesla will be lucky if it can sell at least 10% of the claimed 500 thousand units. The company does not disclose official data on Cybertruck sales, but it is estimated that in 2024 Tesla sold about 40 thousand units. Sales are expected to be even lower in 2025.
Tesla has taken various measures to stimulate demand.
Earlier, the company launched a Cybertruck leasing program to boost sales. Tesla is also trying to sell off the remaining Foundations Series – to do so, it has even started to erase the branded emblems on some pickups to sell them as regular versions at a lower price.
For those Cybertrucks that are still in the Foundations Series (despite Tesla’s move to mass production of standard models in October), the company even offered lifetime free access to a Supercharger.
But all these measures did not lead to a significant increase in demand. Now Tesla is taking another step and offering preferential lending with a reduced interest rate for new Cybertruck orders.
The company has announced a special offer with an annualized rate of 1.99% for buyers with good credit history. It should be noted that without this «promotion» the standard rate for buyers with an excellent credit rating is 5.84%. Special conditions are valid for a limited period of time.
It’s worth noting that the interest rate discounts for Cybertruck are not as great as for Model 3. Earlier, Tesla offered 0% and 0.99% annualized interest rates with zero down payments on new Model 3 orders in the US until the end of the quarter.
As a reminder, earlierTesla suspends production of Cybertruckperhaps because electric cars are not in demand?
Source: electrek
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