Tesla Cybertruck Gets A Sales Boost With Lower Lease Prices And Free Wraps
Tesla Slashes Lease Prices By 20% And Offers Free Wraps To Boost Demand For Its Premium Electric Pickups In U.S. And Canada
In a series of moves indicating challenges with Cybertruck electric vehicle (EV) demand, Tesla has introduced significant new incentives for its electric pickup truck, including reduced lease rates and complimentary vehicle wraps for certain models.
Reduced Lease Rates for Cybertruck
In detail, Tesla has launched Cybertruck leases in the United States (U.S.) starting at $749 per month for the All-Wheel Drive (AWD) model, marking a notable 20% reduction from the previous rate of $899. This new leasing program comes as Tesla faces difficulties moving inventory, particularly its premium Foundation Series vehicles.
The sales struggles show a stark contrast to initial expectations. Despite accumulating over one million reservations and CEO Elon Musk’s projection of 500,000 units sold annually, Tesla has delivered fewer than 40,000 Cybertrucks to date, effectively exhausting its reservation backlog. The company had built production capacity at Gigafactory Texas for 250,000 units per year, suggesting a big gap between planned output and actual demand.
Promotions to Boost Demand
Moreover, Tesla is now offering free XPEL wraps, valued at around $6,000, for Foundation Series Cybertruck purchases in both the United States (U.S.) and Canada. This promotion applies to orders placed after February 1, 2025, with delivery required by March 31, 2025. Customers will receive a voucher redeemable at over 125 authorized XPEL installation locations across North America.
The situation has become so challenging that Tesla has reportedly resorted to removing Foundation Series badges from some vehicles to sell them as regular Cybertrucks, highlighting the difficulty in moving these premium variants. In Canada, where Foundation Series deliveries only began in late 2024, dozens or potentially hundreds of vehicles are now available for immediate delivery, with prices approaching CAD 200,000.
Bright Spots for Cybertruck
However, there are some potential bright spots for the Cybertruck program. The vehicle has become eligible for the federal tax credit, and Tesla plans to release a more affordable rear-wheel-drive (RWD) version later this year. The company is also offering an additional $1,000 discount through its referral program.
These developments suggest Tesla is actively working to address demand challenges for its highly anticipated but struggling electric pickup truck, particularly as it seeks to move the remaining inventory of its premium Foundation Series models.
While the Cybertruck has faced significant sales hurdles, Tesla’s proactive approach with pricing incentives and promotional offers aims to invigorate demand and clear out excess inventory. The upcoming release of more affordable versions may also help strengthen the model’s position in the competitive EV market.
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