Tesla cuts Cybertruck prices, unveils $59,990 model, drops Cyberbeast to $99,990 amid weak demand and EV market slowdown
TESLA unveiled a cheaper Cybertruck variant in the U.S. late on Thursday and slashed the price of its most-expensive model, Cyberbeast, as the electric-vehicle maker struggles to find buyers for its pickup trucks.
The Cybertruck was touted by CEO Elon Musk as a futuristic competitor to mass market pickup trucks from legacy brands such as Ford, but multiple recalls and quality control issues plagued the car and turned prospective customers away.
Tesla has now priced the new dual-motor, all-wheel-drive model at $59,990, making it the company’s most affordable Cybertruck yet. In response to a user post on X about the new variant, Musk said the price tag was effective only for the next 10 days.
It was not immediately clear what the model will be priced at following the limited-time offer and Tesla did not immediately respond to a request seeking clarification.
The company lowered the Cyberbeast’s price to $99,990 from $114,990.
With the price cut, Tesla looks to be discontinuing its “Luxe Package” for the model that included Supervised Full Self-Driving and free access to its Supercharger network.
Tesla had added the package to its lineup last August when it raised the price of the pickup truck.
The head of Tesla’s Cybertruck program, Siddhant Awasthi, announced his departure from the company in November last year amid slow sales.
Demand slump
Musk has diverted his attention from EV manufacturing to other business lines, looking to transform Tesla into a robotics and self-driving company. Tesla sales have notably sagged as it has introduced fewer new models over the last several years while rivals snatch market share.
Musk’s far-right political rhetoric and the elimination of EV incentives have also alienated some customers.
The broader EV market has slowed since September, when the Trump administration ended the $7,500 federal tax credits.
Price cuts have become a key part of Tesla’s 2026 strategy, lowering entry prices to attract more cost-conscious buyers.
Analysts have warned that a greater share of lower-priced vehicles could keep pressure on margins unless Tesla can offset the impact through reduced manufacturing costs or stronger revenue from software and services.
Musk said last month that the company would end production of its Model X SUV and Model S sedans and instead use the space in its California factory to make humanoid robots.
