Several recalls would not have helped, including one in 2025 affecting more than 46,000 Cybertrucks over concerns part of its trim could fall off.
Musk attempted to show off the Cybertruck's apparently unbreakable glass, only for it to shatter during a live demonstration.
He did say the choice was to make room for building more of its self-driving Cybercab cars.
Musk did not spell out whether Tesla plans to stop making the trucks entirely or shift production elsewhere.
The vehicle has always been a passion project for Musk.
With its distinctive angular looks, the Cybertruck attracted diehard fans.
It was not helped by an inauspicious introduction to the public in 2019.
Despite the gaffe, the Cybertruck ended up receiving 146,000 orders, Musk said in 2019, while it was still in development. Tesla will wind down production of its Cybertruck vehicles at its Texas factory next year, Elon Musk said. He said the decision was to make room for production of its Cybercabs, autonomous taxis without a driver.