Tesla has introduced a new financing offer for its Cybertruck as the electric pickup truck struggles to meet sales expectations. The automaker is now offering a 1.99% APR for well-qualified buyers — a notable drop from the standard 5.84% APR. This limited-time promotion is part of Tesla’s broader effort to boost Cybertruck sales, which have fallen far short of the company’s ambitious targets.
Tesla once boasted over 1 million reservations for the Cybertruck, with CEO Elon Musk predicting an annual production of 500,000 units. However, reality has painted a much different picture. Since production began a year and a half ago, Tesla has struggled to deliver even a fraction of its original goal.
In 2024, it is estimated that Tesla sold around 40,000 Cybertrucks — just 10% of Musk’s target. The company does not officially disclose Cybertruck sales figures, but data from Cox Automotive’s EV Sales Report suggests a total of 38,965 units sold last year. These disappointing numbers have raised concerns about the truck’s future, especially as Tesla has faced challenges selling the remaining “Foundation Series” Cybertrucks.
To attract more buyers, Tesla has introduced several strategies. The company launched leasing options for the Cybertruck in December 2024, giving customers another way to get behind the wheel without making a full purchase. It also offered $1,000 referral bonuses to encourage more people to spread the word about the electric pickup.
Tesla also provide free wraps valued at $6,000 for the Foundation Series models. This was an attempt to make the vehicles more appealing to those looking for a personalized touch. Tesla also offered complimentary lifetime Supercharging on select Cybertruck models, giving buyers the added benefit of free charging — a move likely aimed at sweetening the deal.
According to electrek, Tesla has also taken steps to address the leftover Foundation Series models. Despite switching to regular Cybertruck production in October 2024, unsold Foundation Series trucks remain. To move these vehicles, Tesla reportedly removed the “Foundation Series” badges from some Cybertrucks, selling them as regular models at a lower price.
Tesla is expected to launch a single-motor Cybertruck RWD in 2025. This model recently appeared on the Internal Revenue Service’s list of EVs eligible for federal tax credits. The introduction of a lower-priced version could attract budget-conscious buyers and potentially boost sales.
However, it remains uncertain whether this new model will be enough to help Tesla reach Elon Musk’s ambitious sales goals. With just 40,000 Cybertrucks sold in 2024, the gap between projections and reality is clear. Many are now questioning whether the Cybertruck can live up to the hype that surrounded its initial unveiling.
The slow sales have put additional pressure on Tesla, especially since the Cybertruck is the company’s only new vehicle released in the past five years. During Tesla’s fourth-quarter earnings call, Elon Musk did not mention the Cybertruck at all. This silence has raised eyebrows, with some wondering if the company is quietly acknowledging the truck’s underwhelming performance.
