Exhibit C · demand & economics
Market
Sales trajectory, pricing history, depreciation, and demand mechanics — measured against the only benchmark that matters: Tesla's own stated target.
Read this first. Tesla has never disclosed a Cybertruck-specific production or delivery number in any SEC filing or shareholder deck; it reports a combined 'Model S, Model X and Cybertruck' line. All model-level figures here are third-party estimates — primarily Cox Automotive / Kelley Blue Book sales estimates, cross-checked against S&P Global Mobility registrations and independent VIN tracking — and should never be presented as Tesla-confirmed.
The commercial picture is genuinely mixed for exactly one year: in 2024 the Cybertruck was the best-selling EV pickup in America. Everything after that points one direction. This page lays out the numbers, where they come from, and — just as important — which circulating numbers this site refuses to repeat as fact.
U.S. sales vs the stated target
Cox Automotive / KBB quarterly estimates. S&P Global Mobility counted 7,071 Q4 2025 registrations on a different methodology — of which 1,279 (18%) were bought by SpaceX and 1,339 (19%) by Musk-controlled entities combined. [Cox Automotive / Kelley Blue Book][Electrek]
The benchmark is Tesla's own. Musk, Q3 2023 earnings call: 'somewhere on the order of a quarter-million Cybertrucks a year... I think we'll probably reach it sometime in 2025.' A 250,000–500,000 range was stated at the May 2023 shareholder meeting, and 250,000–300,000 as early as September 2020. Actual 2025 volume was about 8.1% of that figure. [Rev.com (Tesla webcast transcript)][Forbes][Automotive News]
Cumulative production is Tesla-confirmed at 63,619 units through October 2025 — Tesla-confirmed via the 25V-699 recall filing, which covered every Cybertruck built to that date on affected software. [NHTSA]
The EV-pickup segment
| Vehicle | 2024 (est.) | 2025 (est.) | Note |
|---|---|---|---|
| Tesla Cybertruck | 38,965 | 20,237 | [Cox Automotive / Kelley Blue Book][Cox Automotive / Kelley Blue Book] |
| Ford F-150 Lightning | 33,510 | 27,307 | Down 18.5% year over year in 2025 — a decline less than half as steep as Cybertruck's; retook the EV-pickup sales crown. [Electrek][CBS News] |
| Rivian R1T | — | 11,085 | Rivian reports R1T and R1S combined (51,579 total in 2024); the 2025 R1T split is third-party derived. [InsideEVs] |
| Chevrolet Silverado EV | 7,428 | — | Roughly 4,000/quarter pace by Q3 2025, up ~97% year over year. [InsideEVs] |
| Ram 1500 REV | — | — | Cancelled September 12, 2025 before reaching production — the segment itself contracted. [InsideEVs] |
Ford's F-Series alone outsold the Cybertruck's entire 2024 U.S. volume roughly 19-to-1, and its 2025 volume roughly 41-to-1 (F-Series: 732,139 in 2024; 828,832 in 2025). [Ford Authority]
Price history
Reveal pricing announced: $39,900 / $49,900 / $69,900 by trim. [Tesla]
Launch pricing: RWD $60,990 (listed for 2025, never shipped) / AWD $79,990 / Cyberbeast $99,990; Foundation Series bundles at $99,990 / $119,990. [InsideEVs][Tesla Investor Relations]
The $60,990 RWD is withdrawn from ordering without a single delivery. [U.S. News / AP]
RWD finally launches at $69,990 with adaptive suspension, powered tonneau, rear screen, and bed outlets removed. [Electrek]
RWD discontinued after roughly five months, in reporting tied to the expiring federal EV credit; Cyberbeast price had risen to about $114,990. [Intuit TurboTax blog][CBS News]
New base AWD at $59,990 — described by Musk as a roughly 10-day 'flash sale' demand test — and Cyberbeast cut $15,000 back to $99,990. Tesla's stated context: sales running near 5,000 units a quarter. [Electrek]
Demand mechanics
$100 fully refundable deposits — a demand signal, not orders. Crowdsourced trackers estimated ~2 million by late 2023. [Rev.com (Tesla webcast transcript)]
Tesla began selling without reservation about ten months after first deliveries; the program was wound down entirely by February 2025. [CleanTechnica]
S&P Global Mobility registration data: 1,279 trucks to SpaceX and 1,339 to all Musk-controlled entities combined — material to any 'demand is stabilizing' reading. [Electrek]
Satellite imagery showed unsold-truck lots at Giga Texas. Circulating unit counts (10,000 vs 3,700) conflict and are low-confidence; this site adopts neither as fact. [Gizmodo][Electrek]
Depreciation & resale
Individual quotes reported for ~1-year-old Foundation-series trucks; anecdote-level data from Tesla's own tool. [Business Insider]
$168,543 (April 2024) to $84,470 (April 2025); decline had flattened by mid-2026 (~$81,000). [Jalopnik][CarGurus]
The Cybertruck does not appear in iSeeCars' April 2024 top-10 one-year list, and its 2026 five-year study explicitly excluded the truck for insufficient data. [Jalopnik][iSeeCars]
A win within a thin, shrinking competitive set — not evidence of strong absolute retention. [J.D. Power]
Margins — what Tesla itself has said
Musk tempers expectations: a year to 18 months before Cybertruck is a significant positive cash-flow contributor; 'we dug our own grave with Cybertruck.' [Rev.com (Tesla webcast transcript)]
Tesla reports auto gross margin excluding Cybertruck — its own reporting carved the truck out while it dragged margins. [The Motley Fool (transcript)]
Tesla states Cybertruck achieved a positive gross margin for the first time (Q3 2024). [CNBC]
Q2 2026: company auto gross margin falls to 16%, free cash flow turns negative for the first time in over two years; call commentary describes Cybertruck as 'the hardest product to scale.' Tesla has not publicly reaffirmed Cybertruck profitability since October 2024 — a gap this site flags rather than interprets. [CNBC]
Tax-credit context. Cybertruck was ineligible for the $7,500 federal credit through 2024 (all configurations exceeded the $80,000 truck MSRP cap), partially eligible January–September 2025, and the credit was eliminated nationwide September 30, 2025. Reporting cites the elimination as one of several correlated contributors to the 2025 decline; no source isolates its effect econometrically. [CarsDirect][Intuit TurboTax blog][CBS News]