Tesla’s Cybertruck Emerges as Third Best-Selling EV in U.S.
Tesla’s Cybertruck has quickly established itself as a major player in the electric vehicle market, securing the position of the third best-selling electric vehicle in the United States during the third quarter. This achievement is particularly noteworthy given that only Tesla’s Model 3 sedan and Model Y SUV surpassed it in sales.
According to Kelley Blue Book, the Cybertruck recorded over 16,000 sales in the third quarter, despite initially being offered only in its most expensive trim model. This success underscores the challenges faced by other automakers in the EV market, with Ford selling approximately 7,000 F-150 Lightnings and over 13,000 Mustang Mach-E SUVs during the same period. General Motors reported total EV sales of around 32,000 units, including their new Blazer and Equinox EVs, while Rivian delivered approximately 3,800 electric pickups.
Tesla’s Q3 financial results confirmed the Cybertruck’s third-place sales ranking and revealed that the vehicle is already generating a positive gross margin. The company reported overall sales of $25.2 billion and a profit of $2.2 billion for the quarter, bolstered by $739 million in sales of regulatory credits—the second-highest quarterly figure to date.
Contributing to Tesla’s revenue boost was the introduction of the Actually Smart Summon feature and Full Self-Driving (Supervised) software for Cybertruck owners, allowing the company to recognize some upfront payments as revenue. Additionally, cost-cutting measures reduced the cost of goods sold per vehicle to $35,100.
The positive Q3 figures led to a more than 9% increase in Tesla’s stock price during after-hours trading. However, the company faces ongoing challenges, including a 20% year-over-year growth in Supercharger stations—the slowest growth in years—following a significant layoff and partial rehiring of the Supercharger team earlier in the year.
As the electric vehicle market continues to evolve, Tesla’s Cybertruck has quickly established itself as a formidable competitor, reshaping the landscape of EV sales in the United States.
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