Tesla to return Cybertruck deposits to “a lot of people” as production winds down, Musk says

Elon Musk said Monday that Tesla will return Cybertruck deposits to some of its customers as the company prepares to wind down production of the electric pickup truck.

In announcing the decision in a Monday social media post, Musk said that the Cybertruck order rate “far exceeds” Tesla’s production rate.

“We will try to make as many as possible before shutting down the line in about 8 months, but will have to return deposits for a lot of people,” the Tesla CEO wrote.

Musk announced last week that Tesla would stop producing the Cybertruck at its Texas factory by mid-2027 to “make room for increased Cybercab production,” referring to the company’s robotaxi line.

Wall Street analyst Dan Ives, who is the senior managing director of Yorkville Ives & Co., told CBS News the “writing was on the wall” given the Cybertruck’s high price and low demand. Ending production will free up time for Musk to focus on robotics and robotaxis, he added.

In his Monday post, Musk disputed claims that Tesla was ending production of the Cybertruck because it was unprofitable. 

Rather, he said, the “opportunity cost of the complexity of Cybertruck is vastly outweighed by the value of incremental Cybercab production.”

Tesla launched the Cybertruck in 2019 for a starting price of $69,000.

In an X post Saturday, Musk said Tesla would continue Cybertruck production for another eight to nine months before shifting focus to scaling the Cybercab. “There will never be another vehicle like it,” he said of the Cybertruck.