Tesla Cybertruck Sales Soar 61% in July, Outpacing Rivals Rivian R1T, Ford F-150 Lightning Despite Price Hike

Tesla's Cybertruck registrations jumped 61% in July 2024 to 5,175 units, according to S&P Global Mobility, surpassing rivals like Rivian R1T and Ford F-150 Lightning. Remarkably, the all-electric pickup achieved this growth despite selling above MSRP, defying analyst claims that EV sales rely heavily on incentives.

Cybertruck Sales Surge 61% in July

S&P Global Mobility reports that in July 2024, 5,175 Cybertrucks were registered, contributing to a 1.2% gain in Tesla vehicle registrations, as reported by Teslarati.

The Cybertruck was named June's best-selling vehicle in the US for prices above $100,000 by Cox Automotive. Over 3,200 Cybertrucks were sold that month, according to Cox. With 5,175 Cybertruck registrations in July, it seems that deliveries of the all-electric pickup truck were up 61% over the previous month.

July EV Pickup Sales Total 5,546 Units

To add intrigue, S&P Global Mobility also projected that all electric pickups sold 5,546 units in July 2024. When compared to other electric pickup trucks on the market, such as the highly regarded Rivian R1T and the Ford F-150 Lightning, this is quite an accomplishment for the Cybertruck.

U.S. electric vehicle registrations increased 18% year-over-year, which was helped in part by Cybertruck's meteoric July sales rise. The Honda Prologue was another notable release that month, according to CBT News. According to Tom Libby, an analyst at S&P Global Mobility, incentives are the driving force behind the present uptick in EV sales.

These electric vehicle items would not sell if priced at MSRP. According to Libby, "if these incentives were pulled, sales would drop dramatically" because they are being aggressively rewarded to compete with internal combustion vehicles.

Cybertruck Defies Incentive-Driven Market Trends

This may be true for other electric vehicles on the market, but Libby's argument does not hold water when applied to the Cybertruck. If there is an all-electric pickup truck, it is currently in the inverse position. Thanks to the Foundation Series, it's selling for $20,000 more than the MSRP. It seems that Cybertruck is still selling well despite its price increase.

It is anticipated that the Cybertruck AWD will cost less than $80,000 and the tri-motor Cyberbeast will cost less than $100,000, excluding the $20,000 premium associated with the Foundation Series.