Tesla stopped taking orders for the cheapest model of its Cybertruck electric pickup, which was priced at $61,000.
Now, its $100,000 version is the cheapest model available for order on the automaker’s website.
Consumers and investors have been closely monitoring the supply and demand of Tesla’s Cybertruck as CEO Elon Musk invested heavily in the EV truck line in recent years with the goal of producing 200,000 a year.
Musk said last fall that Tesla had 1 million reservations for the truck.
Some customers have indicated that they are waiting for the less expensive versions to be available because its prices have been higher and the range lower than originally anticipated.
The unconventional and futuristic Cybertruck was first revealed as a prototype by Musk in 2019, when he estimated it would cost $40,000 and be able to travel 500 miles on a single charge.
Interested buyers were able to make a reservation with a refundable $100 deposit to secure their truck once deliveries begin after long delays that pushed it to the end of November 2023.
Tesla’s website no longer offers potential buyers the option to reserve a $61,000 version of the Cybertruck, which was offered with a range of 250 miles and a targeted delivery of 2025.
It currently offers a $99,990 limited-edition Foundation model with a dual-engine variant, which has a range of 318 miles and is estimated to be delivered as early as this month.
The $119,990, 301-mile range, three-engine Cyberbeast Foundation variant will be available starting in October.
Guidehouse Insights analyst Sam Abuelsamid told Reuters that Tesla’s move “shows that the demand is much less than a million trucks” and added, “They’re sitting on a large inventory of two- and three-engine trucks right now “.
Deliveries of the Cybertruck, which features a trapezoid exterior design inspired by the movie “Bladerunner” as well as a stainless steel body, began in November 2023 after years of delays and a difficult production ramp-up.
The first production candidate Cybertruck was completed in July 2023, roughly four years after Musk announced Tesla’s plans to produce the truck and two years after production was originally scheduled to begin.
Musk said in 2022 that supply chain shortages affected the sourcing of components and contributed to production delays.
Reuters contributed to this report.
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