FYI: Tesla Cybertruck sales have surged with an impressive nearly 61% month-over-month increase in July, firmly establishing itself as the leader in the electric pickup truck market.
Tesla Cybertruck Sales Skyrocket in July, Outpacing Rivals in the EV Pickup Market
The Tesla Cybertruck continues to dominate the electric pickup truck segment, marked by a notable increase in sales. According to recent data from S&P Global Mobility, Tesla’s vehicle registrations rose by 1.2% in July 2024, thanks in large part to the impressive 5,175 registrations of the Cybertruck during the month.
A Rising Star in a Competitive Market
In June, Cox Automotive reported that the Cybertruck had become the best-selling vehicle in the United States priced over $100,000, with over 3,200 units sold. By July, Cybertruck registrations had surged to 5,175, representing a striking 61% increase in month-over-month sales. This surge underscores the growing appeal of the Cybertruck, despite its premium pricing.
Outperforming Rival Electric Pickups
Data from S&P Global Mobility indicated that other electric pickups on the market collectively sold 5,546 units in July 2024. This includes critically acclaimed models such as the Rivian R1T and Ford F-150 Lightning. The Cybertruck’s continued sales growth highlights Tesla’s competitive edge in the electric vehicle market.
NEWS: S&P Global Mobility states Tesla delivered 5,175 Cybertrucks in July (up 61% MoM), while other EV pickups combined sold just 5,546 units during the same period. Tweet by @SawyerMerritt
Boost to the U.S. EV Market
The surge in Cybertruck sales has contributed significantly to the broader electric vehicle market in the United States. In part due to the Cybertruck’s success, U.S. electric vehicle registrations saw an 18% year-over-year increase in July. Other notable performers include the Honda Prologue.
Tom Libby, an analyst from S&P Global Mobility, noted that the current increase in EV sales is heavily reliant on incentives. “At full MSRP, these EV products would not sell. They are being heavily incentivized to compete with internal combustion vehicles, and if these incentives were pulled, sales would drop dramatically,” Libby explained.
Premium Pricing Not an Obstacle for the Cybertruck
Libby’s observation may generally apply to the EV market, but it certainly does not hold for the Tesla Cybertruck. Unlike other EVs, the Cybertruck is currently selling at a $20,000 premium due to its Foundation Series, highlighting its demand. Without this premium, the Cybertruck AWD could be priced under $80,000, while the tri-motor Cyberbeast is expected to be below $100,000. This places it in a more direct price competition with rivals such as the Rivian R1T and Ford F-150 Lightning. It will be intriguing to see how the Cybertruck performs in the market when its price aligns more closely with its competitors.
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William Kouch, Editor of Automotive.fyi
