Tesla Slashes Cybertruck $20K As Sales Collapse 48%—SpaceX Bought 1,000 Units To Hide Real Demand

Tesla’s new $59,990 Cybertruck created an immediate frenzy when the company announced the price in mid-February 2026. The response was swift: delivery timelines, initially set for June 2026, collapsed to September–October 2026 within days as order volume surged. Tesla even removed the new trim from its referral program as demand overwhelmed projections. The price is the lowest since the Cybertruck launched in November 2023, yet it still sits $20,000 above what Musk promised in 2019.

What the New Trim Actually Offers

The new Dual Motor All-Wheel Drive Cybertruck starts at $59,990 and delivers a 325-mile EPA-estimated range and a 0–60 mph time of 4.1 seconds. However, buyers give up meaningful features compared to higher trims: towing capacity drops from 11,000 lbs to 7,500 lbs, ground clearance is reduced, and the rear touchscreen is absent. Tesla simultaneously cut the Cyberbeast’s price from $114,990 to $99,990 by discontinuing the Luxe package, which previously bundled Full Self-Driving capability and free Supercharger access.

The Sales Collapse Behind the Headlines

Before this week’s price cut, the Cybertruck was in freefall. U.S. sales dropped 48% year-over-year in 2025, falling to just 20,237 units and representing one of the steepest single-year declines for any vehicle in the U.S. market. Q2 2025 was particularly damaging, with only 4,300 units sold, a 51% year-over-year decline from the same quarter in 2024. A previous attempt to broaden demand, a rear-wheel-drive model priced at $69,990, was quietly discontinued after fewer than five months on sale in 2025.

Factory Running Well Below Capacity

Tesla’s Gigafactory Texas was designed to produce hundreds of thousands of Cybertrucks annually, but at 2025’s sales pace the factory ran at a fraction of its intended capacity. In January 2025, Tesla responded by throttling down Cybertruck production and shifting workers to Model Y lines at the same facility, with Business Insider sourcing multiple workers and an internal memo confirming the transfers. A second round of production adjustments followed in April 2025 as demand failed to recover.

SpaceX Purchases Raise Eyebrows

One factor propping up 2025 Cybertruck metrics was an unusual buyer: SpaceX purchased over 1,000 Cybertrucks during the year, representing roughly 20% of Q4 2025 quarterly sales. Tesla and SpaceX described the purchases as fleet replacements for older vehicles at Starbase and other facilities. Critics, however, argued the timing and scale of internal corporate purchasing masked the true extent of weak retail demand, with Electrek noting the SpaceX purchases were propping up Tesla’s quarterly Cybertruck metrics amid collapsed retail demand.

A Competitor’s Ghost Still Haunts Tesla

Perhaps the most pointed data point in the Cybertruck’s story: the Ford F-150 Lightning, officially canceled in late 2025, still outsold the Cybertruck in 2025, moving 27,307 units against the Cybertruck’s 20,237. Ford discontinued the Lightning as part of a strategic pivot to extended-range EV technology, not because of demand failure. The comparison has sharpened competitive scrutiny, with the Chevrolet Silverado EV now entering the market starting under $53,000 with available range of up to 450 miles on higher trims, undercutting the Cybertruck on both price and range.

Gary Black’s Blunt Assessment

Gary Black, managing partner of The Future Fund, offered one of the sharpest investor critiques of the moment. “Tesla is still unlikely to sell more than 25K Cybertrucks in 2026,” he posted on X, noting that the new base trim “will surely sell” but that the bulk of volume will come from the $79,990 mid-spec model. He added: “Absent advertising, it’s hard to see what will change Cybertruck sales momentum.” Black had previously called it a “mistake” to keep the Cybertruck alive given what he described as its “negative brand equity,” instead advocating for a pivot to more profitable product lines.

The Supply Chain Has Already Voted

The market’s verdict on the Cybertruck’s trajectory extended well beyond the showroom floor. South Korean battery cathode supplier L&F saw its Tesla supply agreement slashed from approximately $2.9 billion to under $10,000, a near-total contract elimination driven by dramatically reduced Cybertruck order volumes. The collapse of the 4680 battery supply chain partnership further signaled that Tesla’s internal procurement teams had stopped planning for high-volume Cybertruck production long before the current round of price cuts.

Recalls Add to Consumer Concerns

The Cybertruck has accumulated 10 safety recalls since its November 2023 launch, covering issues including exterior panels detaching, accelerator pad failures, and rearview camera malfunctions. Tesla’s 2025 recalls collectively covered over 115,000 Cybertrucks, nearly the entire production run to date. A Torque News profile of a committed owner who purchased a second Cybertruck at 40,000 miles offered a counter-narrative, reporting zero mechanical issues, but anecdotal owner loyalty has done little to shift the broader market perception.

What Comes Next for Tesla’s Truck

The immediate question is whether the $59,990 price point will generate sustained demand or prove to be another short-term spike. Musk has suggested future pricing will depend on how much demand the market reveals at this level. Longer-term, Tesla has explored converting Cybertruck production capacity to autonomous cargo delivery operations if consumer demand remains structurally weak, a strategic contingency that signals the company is not betting solely on this price cut to solve its flagship truck’s fundamental market challenges.

Sources:
“Tesla Launches New Dual Motor AWD Cybertruck for $59,990.” Reuters, February 2026.
“Tesla Cybertruck Sales Fell Faster Than Any Other EV in 2025.” Cox Automotive via Autoblog, January 2026.
“Elon Musk’s SpaceX Bought Tens of Millions Worth of Cybertrucks Tesla Can’t Sell.” Electrek, December 2025.
“Tesla Recalled More Than 115,000 Cybertrucks in 2025, NHTSA Data Show.” Finbold via FAnews, January 2026.
“Tesla’s 4680 Battery Supply Chain Collapses as Partner Writes Down Deal.” Electrek, December 2025.
“Demand for Elon Musk’s Tesla Cybertruck Plummeted in the Second Quarter.” Fortune, July 2025.