Tesla's Cybertruck Sales Collapse in Q3: What's Behind the Dip?

Electric vehicle (EV) giant Tesla TSLA posted record deliveries in the third quarter of 2025, but one of its most-hyped products—the Cybertruck— is turning into its biggest embarrassment yet.

According to the latest EV Sales report by Cox Automotive, Tesla sold just 5,385 Cybertrucks in the third quarter, marking a steep 62.6% drop from last year. And this decline came when the broader U.S. EV market recorded its strongest quarter ever, with sales soaring nearly 30% to roughly 438,000 units as customers rushed to buy vehicles before the expiration of EV tax credits on Sept. 30.

A Rocky Ride for Cybertruck— Hype Meets Reality

The Cybertruck was meant to be Tesla’s crown jewel— a stainless-steel beast straight out of a sci-fi movie, symbolizing CEO Elon Musk’s bold, futuristic vision. But in reality, it’s turning into Tesla’s commercial flop.

The vehicle failed to deliver on its own hype. Recurring issues like falling body panels, disappointing range and underwhelming towing capacity have soured enthusiasm even among die-hard Tesla fans.

Despite initial excitement — with over a million pre-orders once touted — the vehicle’s rollout has been plagued by production delays, quality issues and sky-high pricing. When first announced, Tesla promised three affordable trims starting at $39,990. Those price points are now long gone. Today, even the entry-level model tops $60,000, and buyers are realizing that the truck’s bold, angular design comes at the cost of everyday practicality.

So far this year, Tesla has sold around 16,000 Cybertrucks, down 38% year over year — nowhere near Elon Musk’s original goal of selling 250,000 units each year.

The company is also struggling with inventory build-ups, suggesting that demand has cooled faster than expected.

Is Musk Buying His Trucks Now?

Per Electrek, Musk’s private ventures — SpaceX and xAI — are now buying unsold Cybertrucks to replace their internal combustion fleet. It’s a move that raises eyebrows about just how much faith Tesla itself has in the pickup’s future.

Well, the Cybertruck story serves as a reminder that even Musk’s boldest ideas can fall flat when ambition outruns execution.

How Other E-Pickups Fared in Q3?

While the Cybertruck struggled, other electric pickups saw gains in the third quarter. Ford’s F F-150 Lightning remained the top-selling electric pickup in the United States, with sales climbing to over 10,000 units, a roughly 40% increase from last year. General Motors’ GM GMC Hummer EV also gained traction, with sales up 22%. GMC Sierra EV sales jumped to 3,374 units from just 387 a year ago. Rivian Automotive’s RIVN R1T wasn’t far behind, posting a 13.1% increase in deliveries.

The Zacks Rundown on Tesla

Shares of Tesla have gained 8% year to date, outperforming the industry. While Ford and General Motors' shares are up 16.5% and 4.4%, respectively, Rivian is down roughly 2% over the same timeframe.

From a valuation standpoint, TSLA trades at a forward price-to-sales ratio of 13.82, way above the industry. It carries a Value Score of F. Meanwhile, General Motors, Ford and Rivian trade at a forward sales multiple of 0.3, 0.28 and 2.31, respectively.

See how the Zacks Consensus Estimate for TSLA’s earnings has been revised over the past 90 days.

Tesla stock currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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