Tesla's Cybertruck Takes a Sharp Turn towards Depreciation - A Shockwave in the EV Market
Tesla's Cybertruck is facing an unexpected depreciation challenge, as trade-in values plummet to around $65,400 for 2024 models originally priced at $100,000. Despite selling nearly 39,000 units, the Cybertruck has failed to meet Elon Musk's initial projections, leading to substantial inventory woes and a strategy rethink for Tesla. With a depreciation rate of 35%, significantly higher than the typical 20% for pickup trucks, Tesla is navigating turbulent waters marked by a profit slump and increased competition in the electric truck segment.
May 20