Tesla Cybertruck Production Canceled “In the Best Interest of Tesla”

The Tesla Cybertruck, which has aroused great interest, will not reach the end-user: the carmaker cancels its production.

Elon Musk has informed that the company made a difficult decision to refuse the production of the long-awaited, much-talked-about Tesla Cybertruck. The company will refund all pre-orders – over a million, by the way.

There are several reasons, the main one is unprofitability: the truck ceased to be a viable business case. Ongoing development costs are much more than the original budget.

The company can’t make a competitive offering that would beat the prices of rivals, such as the Ford F-150 Lightning and others. The Cybertruck’s original base price of $39,900 is no longer realistic, as material costs have increased over the past 2 years. The model underwent several delays and eventually says “Goodbye”.

The Gigafactory in Austin, where Tesla planned to build the Cybertruck, will focus on the production of the Model 3 and Model Y. The development budget of the Tesla Cybertruck will be redirected to avoid price rises for these highly-demanded, key vehicles of Tesla.