Cybertruck hits one million pre-orders!

May 27, 2021

Although only a new entrant in Tesla’s electric vehicle models, the Cybertruck continues to attract interest from potential buyers. The market enthusiasm surrounding the model has resulted in a pre-order milestone, beating other Tesla vehicle deliveries in recent years.

According to data acquired by Finbold, as of May 25, 2021, the estimated Cybertruck reservations were 1,08 million. The figure is more than the 866 750 total vehicles delivered by Tesla between 2019 and 2020.

Last year, the electric vehicle manufacturer delivered 499 550 vehicles, while in 2019, the figure stood at 367 200. Furthermore, Tesla has recorded a steady annual increase in vehicle deliveries, with the figure surging 558,2% between 2016 and 2020.

Could it be the reservation fee that drives Cybertruck demand?

The report explains some of the factors propelling record Cybertruck reservations. The massive interest in the Cybertruck, according to the report, also reflects the conditions set by Tesla for reserving the vehicle, since customers need to deposit a refundable US$100 (about R1 382).

“The amount is affordable, but analysts have remained sceptical about the reservation numbers being converted into deliveries. In the end, Tesla fans can take the money from their bank account, reserve the Cybertruck and get a refund later,” the report reveals.

Despite Tesla recording impressive Cybertruck pre-orders, the company still faces competition from other players, who are ramping up their products for the electric truck niche. For example, both General Motors and Ford have announced their entry into the market. You can read the full report with statistics here.