Tesla Cybertruck Trails Ford F-150 Lightning in Sales as Q1 Figures Disappoint Wall Street

New registration data reveals that the Tesla Cybertruck ranked second to the Ford F-150 Lightning in March. Meanwhile, Tesla's Q1 sales missed Wall Street expectations, marking the first year-over-year quarterly decline since 2020.

Tesla Cybertruck Takes Second Place to Ford F-150 Lightning in March Registrations, Data Shows

According to fresh car registration data from S&P Global Mobility (via Business Insider), the edgy pickup came in second only behind Ford's F-150 Lightning, as first reported by Automotive News. During March, the Cybertruck saw 1,158 new registrations, while the Lightning saw 2,893. Rivian's R1T, on the other hand, received only 548 new car registrations.

Tesla, Ford, and Rivian spokespeople did not immediately reply to requests for comment.

Tesla began delivering the Cybertruck to its first dozen owners on November 30. Ford's electric pickup will join the market in 2022, while Rivian's will arrive in 2021.

Tesla has yet to disclose how many Cybertrucks it has delivered. However, earlier this year, the business recalled around 3,878 Cybertrucks manufactured between November 13 and April 4, which included nearly all of Tesla's models made during that period.

According to one online tally, the Cybertruck had as many as 2 million reservations before its delivery ceremony, and the vehicle immediately became one of the most popular status symbols among celebrities.

Some reservation holders told Business Insider that they were questioning their purchase after the truck's debut in 2023 when it was introduced over budget and with a smaller range than initially stated.

Meanwhile, Ford and Tesla have grappled with an industry-wide EV sales slump. In April, Tesla had its first year-over-year quarterly drop since 2020. In March, Ford announced plans to reduce the number of employees at the F-150 Lightning assembly plant.

Tesla Q1 Sales Miss Wall Street Expectations, Marking First Year-Over-Year Decline Since 2020

Tesla announced on April 2 that it delivered fewer cars to customers in the first three months of 2024 than Wall Street predicted. This marked the company's first year-over-year sales decline in nearly four years.

According to UBS, approximately 386,800 cars were sold in the first quarter, compared to predictions of around 477,000. This represents a 20.1% decrease from the fourth quarter of 2023 and an 8.4% decrease from the previous year. It's also the first year-over-year drop in quarterly deliveries since 2020 and the company's worst quarterly performance since 2022. In early trade, shares plunged more than 7% in response to the news.

Like the rest of the industry, Elon Musk's manufacturer has battled with electric vehicle sales. Tesla has dramatically reduced its automobile prices over the last year, reducing earnings to increase sales.

"Although Tesla has announced it will raise prices in the U.S. and China effective April, we view it as an attempt to boost sales in March, rather than a sign of solid demand," Deutsche Bank analysts told clients ahead of the delivery figures' release.

Tesla's profit growth is mostly dependent on a new, unannounced car at a significantly lower price point and continued sales of the Cybertruck.

Tesla has also increased pressure on its employees to promote its Full Self-Driving software to consumers when they deliver a vehicle. The $12,000 ($200 per month) add-on is a significant revenue source.

Musk has already touted Tesla's intentions for self-driving cars. During an earnings call last year, Musk stated that Tesla could hypothetically sell its cars for no profit due to technology.

"We're the only ones making cars that technically we could sell for zero profit for now, and then yield actually tremendous economics in the future through autonomy," Musk said in April 2023. "I'm not sure how many of you will appreciate the profundity of what I've just said, but it is extremely significant."

That is, as long as Tesla can avoid the increased scrutiny of safety regulators, which prompted a massive recall in March 2023.

Photo: TaurusEmerald, CC BY-SA 4.0, via Wikimedia Commons