Tesla has reduced lease prices for its Cybertruck, marking another move to stimulate demand for the polarizing vehicle. The base lease price now starts at $899 per month for the AWD model and $999 for the Tri-Motor Cyberbeast, both requiring a $7,500 down payment for a 36-month term. This adjustment represents a reduction of over 10%, according to the automaker.
Initially met with massive interest, Tesla reported over 1 million reservations for the Cybertruck. However, challenges such as higher-than-expected production costs and reduced range estimates have dampened enthusiasm. Analysts estimate Tesla delivered between 40,000 and 50,000 Cybertrucks before its reservation backlog diminished, allowing current buyers to secure a vehicle without delay.
The Cybertruck has become Tesla’s fastest vehicle to enter its referral program, which offers a $2,000 discount for referred purchases. The model was also quickly integrated into Tesla’s leasing options, a strategy the company has extended with the recent price cuts.
Tesla’s latest efforts to stimulate Cybertruck sales come as it targets record deliveries of over 515,000 vehicles for the quarter. Achieving this milestone is crucial for the automaker to avoid an annual decline in deliveries.
In a shift from previous policy, Tesla has also begun offering lease buyouts for the Cybertruck. Previously, the company had planned to retain leased vehicles for a future fleet of self-driving cars, a vision yet to materialize.
