Tesla’s futuristic pickup, the Cybertruck, is heading into a sharp decline as disappointing sales figures, severe depreciation, and mounting quality issues continue to pile up less than two years after its launch.
Initially marketed with fanfare and feverish anticipation, the angular electric truck reached a high of 5,175 units sold in July 2024. But that momentum has since vanished. In April 2025, only 2,000 Cybertrucks were registered, contributing to a total of just 46,000 units sold since production began in late 2023.
The truck’s fall from grace was foreshadowed in mid-2024, when secondhand prices began to crater. After briefly commanding resale values up to three times its sticker price of $102,235, the market cooled rapidly. Used Cybertrucks now routinely sell far below original cost, with some owners reporting values slashed by nearly half. CarGurus data shows the vehicle has lost 45 percent of its value within a year, far steeper than the industry average.
An owner of a $100,000 Foundation Series AWD Cybertruck with 6,200 miles on the odometer recently received a $65,400 trade-in estimate through Tesla’s app, a 34.6 percent drop in under 12 months. Tesla only began accepting Cybertrucks as trade-ins again three days ago, after pausing the practice amid dismal valuation feedback from the Cybertruck Owners Club.
Once touted by CEO Elon Musk as an appreciating asset, the Cybertruck now represents the opposite. Tesla’s broader lineup isn’t faring much better. In 2024, the Model 3 and Model Y topped the list of the most rapidly depreciating vehicles among the top 200 models tracked.
The company’s financials reflect this downturn. Tesla posted a 71 percent plunge in net income and a 13 percent drop in electric vehicle sales in the first quarter of 2025. Production slowdowns and idled assembly lines have become routine, as unsold inventory stacks up and consumer interest wanes.
Quality concerns have only made matters worse. The Cybertruck has already been hit with eight recalls, covering issues ranging from trim panels falling off to a gas pedal defect that could trigger unintended acceleration. There have also been reports of sharp door edges capable of injuring users, prompting fresh scrutiny.
Tesla’s inflated valuation may also be facing a reckoning. As of May 19, the company’s price-to-earnings ratio stood at 188.13, dwarfing that of global EV leader BYD, which trades at a PE ratio of 27.67. The contrast reflects growing skepticism over Tesla’s long-term growth prospects, especially as its flagship products begin to lose their shine.
The Cybertruck, once hailed as the future of automotive design, now risks becoming a symbol of missed expectations. What began as a bold experiment in vehicle innovation is quickly turning into a costly misstep.
