The Tesla Cybertruck may have been divisive when it was first revealed, but it now looks like Elon Musk’s futuristic, electric cyberpunk truck will be a runaway success. In fact, an unofficial Cybertruck pre-order tally now pegs the number of Tesla Cybertruck preorders at roughly 550,000.
Last week, news broke that the Tesla Cybertruck’s pre-orders were surging past half a million reservations. Nevertheless, it would seem that there is still plenty of momentum left. In fact, the pre-order tally is now inching close to 550,000 mere days after first breaking 500,000.
This news comes from an unofficial reservation tally kept by Cybertruck Owners Club. Although this tally is unofficial, it did accurately predict the amount of reservations early in the ordering process.
The chart below shows the surge in preorders during the first 30 days following the Cybertruck’s unveil. Official comments by Musk on the actual reservation numbers are shown in black – illustrating the accuracy of this unofficial chart.
How many Tesla Cybertruck preorders has Tesla got?
At the time of writing, the latest figure from the Cybertruck Owners Club discussion puts the current Cybertruck reservation number at 548 530. Nonetheless, this naturally excludes potential cancellations as the launch of the vehicle in 2021 draws near.
Even so, this is a historic amount of preorders for any vehicle. As such, it is even more impressive considering that these are pre-order figures for a highly controversial electric vehicle. The closest analogue to these reservation numbers can only be found with another Tesla vehicle – the Model 3.
After the Model 3 unveiling in April of 2016, the Tesla Model 3 was able to attract around 518,000 reservations. Moreover, this took between April of 2016 and August of 2017 – when Musk went public with the Model 3’s backlog. The rest is, as they say, history.
The Tesla Model 3 is a runaway success, which outsold all other EVs combined in California during 2019. If the Cybertruck follows in the Model 3’s footsteps, it would seem to be primed for success. By comparison, Tesla’s Cybertruck is now at roughly 550,000 reservations after just a few months.
Cybertruck supply won’t keep up with demand for up to 4 years
All of this ties into some comments by Musk’s during the Q4 earnings call. During the call, Musk did not comment on the specific production costs of the Cybertruck. However, he did say that Tesla will likely have more demand than available production capacity for the Cybertruck for years.
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“We don’t comment on those detailed numbers, except the demand is just far more than we could reasonably make in the space of, I don’t know, three or four years, something like that.”
Although Musk didn’t mention the production costs of the Cybertruck, experts agree these will be “incredibly” low. Thanks to the Cybertruck’s novel “Ultra-Hard 30X Cold-Rolled Stainless-Steel” exoskeleton, capital expenditure will likely be low.
The manufacturing expert Sandy Munro said that this, in combination with lack of paint, will lead to significant cost reductions. Furthermore, other observers also suggest that the vehicle’s novel exoskeleton could simplify the manufacturing process itself drastically.
For example, some propose that the steel exoskeleton will not require a capital-intensive stamping press. A stamping press is essential in legacy automaker production, and eliminating it would be a significant simplification. Additionally, Tesla has several patents for a new wiring system which would cut down the amount of wiring in its vehicles to a fraction.
Tesla’s future cash cow
All of this could make the Tesla Cybertruck both easy and cheap to manufacture, thanks to unique solutions. If so, the Cybertruck could become a true cash cow for Tesla – bringing in far more revenue than its current bread and butter, the Model 3.
Perhaps the most interesting thing about the unofficial Tesla Cybertruck pre-order tally is the percentage of the different trims. Although the Single-Motor Cybertruck will start at a modest $39,900, the more expensive trims are the ones attracting pre-orders. Considering the order trims is crucial when one looks at how many Tesla Cybertruck preorders there are.
In fact, the Cybertruck pre-order tally notes that 49.91% of those ordering are going for the Dual Motor trim. This version starts at $49,900. Moreover, 41.92% of pre-orders have chosen the Tri Motor Cybertruck. which starts at $69,900.
The above chart shows that pre-orders fo the $69,900 version of the Tesla Cybertruck keep trickling in. With the addition of other desirable options, such as Autopilot, this version of the Cybertruck could supercharge the Cybertruck’s margin.
This comes as Tesla is hard at working broadening their existing model line-up. A recent code leak reveals that Tesla is planning to introduce a new 110 kWh battery pack to their Model S and Model X lines, which would push their range over 400 miles (~644 km).