Here’s a bold statement: Elon Musk’s SpaceX has stepped in to buy tens of millions—possibly even over a hundred million—worth of Cybertrucks that Tesla just can’t seem to sell. But here’s where it gets controversial: Is this a savvy business move or a desperate attempt to prop up a struggling product? Let’s dive in.
The Cybertruck, Tesla’s futuristic stainless-steel pickup, has faced an uphill battle since its unveiling. Despite Elon Musk’s ambitious claim that Tesla could sell up to 500,000 Cybertrucks annually, the reality has fallen far short. Tesla initially planned to produce 250,000 units per year at its Gigafactory Texas, but actual sales have been abysmal. Estimates suggest Tesla is struggling to sell even 20,000 Cybertrucks annually—less than 10% of its planned capacity. And this is the part most people miss: Tesla’s opaque sales reporting, which bundles Cybertruck sales with Model S and Model X, makes it hard to pinpoint the exact numbers, but the trend is clear: the Cybertruck is a commercial flop.
To put it in perspective, Tesla boasted over 1 million reservations for the Cybertruck before production began. However, since production started over two years ago, only about 60,000 of those reservations have reportedly turned into actual orders. Why? The Cybertruck’s price tag has skyrocketed since its 2019 unveiling, and it now offers less range and fewer features than the prototype promised. For many potential buyers, the hype just didn’t match the reality.
Enter SpaceX, Elon Musk’s privately owned aerospace company, which has come to the rescue—or so it seems. Earlier this year, reports surfaced that Tesla had started delivering truckloads of Cybertrucks to SpaceX and xAI, another Musk-owned venture. Now, sources reveal that SpaceX has purchased over 1,000 Cybertrucks, with plans to potentially double that number. Hundreds of these vehicles are currently parked in SpaceX’s lots in Southern Texas. At a base price of $80,000 per truck, this deal could be worth between $80 million and $160 million—a significant boost for Tesla’s fourth-quarter performance, especially as the company grapples with the end of EV incentives in the U.S., its largest market.
Here’s the controversial question: Is this a legitimate business transaction or a strategic bailout? While it’s entirely legal for SpaceX to purchase Cybertrucks, investors might question the wisdom of such a move. What will SpaceX do with thousands of trucks, and what’s the utilization rate? Meanwhile, SpaceX has also committed $2 billion to xAI, another Musk venture burning through cash at an alarming rate. It’s hard not to wonder if these moves are more about supporting Musk’s empire than making sound financial decisions.
So, what do you think? Is SpaceX’s purchase of Cybertrucks a smart business strategy or a questionable use of resources? Let us know in the comments—we’d love to hear your take on this intriguing development.
