Tesla’s Cybertruck sales surge, but luxury models take a hit in the US market, marking a significant shift for the electric vehicle giant.
Tesla’s Cybertruck Sales Boost, But Luxury Models Take a Hit in the US
Tesla Inc.’s (NASDAQ: TSLA) Cybertruck sales in the U.S. last year weighed heavily upon the company’s other luxury offerings, including the Model S sedan and the Model X SUV, according to recent data from automotive research firm Kelley Blue Book.
The Rise of Cybertruck Sales
Tesla sold 12,991 Cybertrucks in the fourth quarter of 2024 in the U.S. and 38,965 in the whole year, marking the first full year of deliveries for the vehicle. This significant increase in Cybertruck sales has had a ripple effect on Tesla’s overall sales, particularly among its luxury models.
Luxury Model Sales Take a Hit
While the company scaled Cybertruck deliveries, its Model S and X sales took a major hit. Model S sales dropped 31% to 12,426 units last year, and Model X sales dropped 20% to 19,855 units. In fact, Tesla cumulatively sold just 32,281 Model S and X units, fewer than the Cybertruck.
Overall Sales Decline
Tesla’s overall deliveries in the U.S. dropped by 5.6% year-on-year in 2024 to 633,762 units, spurring its global delivery decline. This decline is attributed to sales across Tesla’s lineup of Model 3, X, Y, and S models.
Best-Selling EVs
Despite the overall decline in sales, Tesla’s Model Y SUV retained its position as the best-selling EV in the U.S., followed by the Model 3 sedan. Ford‘s Mustang Mach-E took third place in the best-selling EVs listicle, followed by the Hyundai Ioniq 5 in fourth place.
Global Delivery Decline
Tesla reported its first fall in global annual vehicle deliveries earlier this month, with 1,789,226 vehicles delivered in 2024, 1.1% less than the 1,808,581 deliveries reported for 2023. However, Tesla remains the best-selling EV brand in the U.S., with Ford selling just 97,865 EVs last year.
Conclusion
Tesla’s success with the Cybertruck has come at a cost, particularly among its luxury models. While the company continues to be the best-selling EV brand in the U.S., its overall sales have declined due to a drop in deliveries of its other luxury offerings.
