On Wednesday, October 23, Tesla announced third-quarter earnings that exceeded analyst expectations, boosting the stock price. Additionally, the Cybertruck has become profitable within less than a year of its launch.
According to the automotive research company Cox, Tesla sold nearly 17,000 Cybertrucks in the third quarter, making it the third most popular electric vehicle in the US during the same period, only behind the Tesla Model 3 and Model Y.
As of 2024, Tesla has already sold over 28,000 Cybertrucks. Cox’s data shows that the Cybertruck has outsold Ford’s F-150 Lightning, Rivian’s R1T, and Chevrolet’s Silverado EV.
Kelley Blue Book, another automotive research company, also ranked the Cybertruck as the third best-selling vehicle last week.
Ford’s sales data indicates that they sold approximately 7,000 F-150 Lightnings and slightly over 13,000 Mustang Mach-E SUVs in the third quarter. General Motors, the parent company of Chevrolet, sold around 32,000 electric vehicles in the previous quarter. Rivian only delivered about 3,800 electric trucks.
Tesla announced its third-quarter financial performance on Wednesday, reporting a revenue of 233.5 billion US dollars, an 8% increase from the same period last year. Net income rose from approximately 1.85 billion US dollars (53 cents per share) to around 2.17 billion US dollars (62 cents per share).
The financial report also shows that the Cybertruck has already achieved profitability within less than a year since its initial delivery.
The first batch of Cybertrucks was delivered in November 2023 at a highly anticipated event. Currently, the production volume is increasing steadily, with reports indicating growth at the Texas Gigafactory where the Cybertruck is manufactured.
Achieving profitability within the first year of the Cybertruck’s launch holds significant meaning for Elon Musk, especially as Tesla has entered the intense competition in the US pickup truck market.
Tesla has recently started accepting orders for the all-wheel-drive version priced at 74,490 US dollars. However, the sales numbers included in the third-quarter performance report mainly consist of the more expensive Foundation series, which was the initial available model. The price of this trim level of the Cybertruck ranges from 99,990 to 119,990 US dollars.