Tesla shares fell 11% on Thursday. SpaceX, its artificial intelligence and rocket-launch company, declined 9%. Tesla began Cybertruck deliveries at the end of 2023, after long delays linked to the technical challenges of an atypical vehicle, notably its steel shell. The vast majority of deliveries concerned the Model 3 sedan and the Model Y SUV, with 478,000 combined units in the quarter.
Elon Musk had said the company was aiming for 200,000 Cybertrucks a year. Tesla never approached that target. He had also mentioned 250,000 units in 2025 and an order book exceeding one million.
Mr. Musk has placed Tesla's hopes in robotics, artificial intelligence and an autonomous fleet, rather than in a steady stream of new models for private customers. The Texas factory will also be used for Optimus, the humanoid robot, while Tesla continues to ramp up the long-delayed electric Semi.
The CEO justified this halt by the rise of the Cybercab, a vehicle designed to operate as a robotaxi and launched in early September on the streets of Austin. Tesla has begun offering paid rides there, in limited zones: two seats, no steering wheel.
The Cybertruck has never been marketed in Europe, for lack of the required safety standards. Tesla has never published production or sales figures specific to this model.
Tesla also halted production this year of the Model S and Model X, the premium sedan and SUV with declining sales. The manufacturer is now betting on the Cybercab.