Despite being a new entrant in Tesla’s electric vehicle models, the Cybertruck continues to attract more interest from potential buyers.
The market enthusiasm surrounding the model has resulted in a pre-order milestone beating other Tesla vehicle delivery in recent years.
According to data acquired by Finbold, as of May 25, 2021, the estimated Cybertruck reservations were 1.08 million. The figure is more than the 866,750 total vehicles delivered by Tesla in two years between 2019 and 2020.
Last year, the electric vehicle manufacturer delivered 499,550 vehicles, while in 2019, the figure stood at 367,200.
Furthermore, Tesla has recorded a steady annual increase in vehicle deliveries, with the figure surging 558.2% between 2016 and 2020. In 2016, 2017 and 2019 the delivered stood at 75,890, 103,020 and 244,920 respectively.
Small reservation fee potentially driving Cybertruck demand
The report explains some of the driving factors in record Cybertruck reservations alongside the potential impact on deliveries.
According to the research report: “The massive interest in the Cybertruck also reflects the conditions set by Tesla for reserving the vehicle since customers need to deposit a refundable $100. The amount is affordable, but analysts have remained skeptical about the reservation numbers getting converted into deliveries. In the end, Tesla fans can take the money from their bank account, reserve the Cybertruck and get a refund later.”
Despite Tesla recording impressive Cybertruck pre-orders, the company still faces competition from otter players who are ramping up their products for the electric truck niche. For example, both General Motors and Ford have announced their entry into the market.