Tesla’s much-anticipated Cybertruck has secured its position as the third best-selling electric vehicle (EV) in the United States for the third quarter of 2024, surpassing all non-Tesla EVs, including the Ford Mustang Mach-E. Only the Tesla Model 3 sedan and Model Y SUV outperformed the Cybertruck in terms of sales.
Despite its high price point, the Cybertruck achieved significant sales, with over 16,000 units sold, according to automotive research firm Kelley Blue Book. This marks a major win for Tesla, particularly as traditional automakers like Ford and General Motors continue to face challenges in capturing the EV market. Ford’s flagship EVs, the F-150 Lightning and Mustang Mach-E, sold around 7,000 and 13,000 units, respectively, during the same period. Meanwhile, GM reported total EV sales of approximately 32,000, buoyed by its new Blazer and Equinox models, while Rivian delivered just 3,800 electric pickups.
Tesla confirmed the Cybertruck’s success in its Q3 financial results, revealing that the futuristic truck had already turned a profit with a positive gross margin. This profitability was largely driven by strong sales figures and the rollout of features like the “Actually Smart Summon” and “Full Self-Driving (Supervised)” software, allowing Tesla to recognize revenue from previous pre-orders.
In addition to the Cybertruck’s success, Tesla reported a quarterly revenue of $25.2 billion and a net profit of $2.2 billion. Regulatory credits contributed $739 million to Tesla’s profit, with the company selling these credits to other automakers struggling to meet emissions standards. Tesla’s aggressive cost-cutting measures, which reduced the cost of goods sold per vehicle to $35,100, also played a key role in boosting profits.
Tesla’s stock surged by more than 9% in after-hours trading following the release of these results, signaling investor confidence in the company’s financial health and continued dominance in the EV market.
However, Tesla’s rapid growth hasn’t been without challenges. The company reported a 20% year-over-year increase in Supercharger stations, marking its slowest growth in this area in years. Earlier in 2024, Tesla had laid off a portion of its Supercharger team, only to later rehire some of the staff as it scaled back expansion efforts in certain areas.
Tesla’s ability to balance innovation, cost-cutting, and strategic expansion has helped solidify its position as a leader in the competitive electric vehicle space, with the Cybertruck’s impressive sales figures only adding to the company’s momentum.
