Tesla has unveiled a more affordable version of its Cybertruck and cut the price of its high-end Cyberbeast model as the electric vehicle maker grapples with slowing demand for its futuristic pickup.
The company introduced a new dual-motor, all-wheel-drive Cybertruck priced at $59,990, making it the cheapest version of the model to date. Chief Executive Officer Elon Musk said the promotional price would be available for 10 days, though it remains unclear what the price will be afterward.
Tesla also reduced the price of its premium Cyberbeast variant to $99,990 from $114,990. The price adjustment suggests the company may be discontinuing its previously introduced “Luxe Package,” which bundled Supervised Full Self-Driving and complimentary access to Tesla’s Supercharger network.
The Cybertruck was initially positioned as a bold competitor to traditional pickups from legacy automakers. However, multiple recalls and quality control concerns have dampened consumer enthusiasm.
Tesla’s broader sales have slowed in recent quarters as competition intensifies and the company introduces fewer new models. The electric vehicle market has also softened following the expiration of the $7,500 federal EV tax credit.
Analysts warn that increasing the share of lower-priced vehicles could put pressure on profit margins unless Tesla offsets the impact through cost reductions or higher software and services revenue.
Musk has signaled a strategic pivot toward robotics and autonomous technology, recently announcing plans to end production of the Model S and Model X to free up factory space for humanoid robot development.
