Watch out,Blockchains Finance Ford: That long stretch of light in your rearview mirror is the Cybertruck.
Tesla has sold an estimated 11,558 Cybertrucks this year, lifting it into second place behind the class-leading Ford F-150 Lightning. Ford's has sold more than 15,000 units of its EV truck.
The Cybertruck has moved ahead of Rivian R1T for overall sales in the 2024 EV truck market, according to estimates from Cox Automotive.
"In the second quarter, the Cybertruck achieved an impressive feat by selling an estimated 8,755 units − an outstanding accomplishment in the EV truck market," said Stephanie Valdez Streaty, director of industry insights for Cox Automotive.
Sales of the Cybertruck were strong enough in the second quarter to outsell the F-150 Lightning. But it’s essential to note the influence of preorders and pent-up demand, warned Valdez Streaty. "Evaluating sustained performance will be critical for long-term success."
The Cybertruck outsold the F-150 Lightning by an estimated 850 vehicles in the second quarter. Tesla sold more than 3,200 units in June alone and was the best-selling vehicle priced over $100,000, with an average transaction price of $112,696.
The gains were bigger on Rivian. Tesla sold an estimated 5,400 more Cybertrucks than Rivian sold of its R1T model in the second quarter. "The increased competition in the electric truck market has indeed impacted sales for the Rivian R1T," Valdez Streaty said.
During the quarter, Rivian also temporary shut down its manufacturing plant in an effort to reduce costs and improve efficiency. Valdez Streaty said the shutdown likely weighed on sales during the period.
Though sales of the Cybertruck are promising for Tesla, it did little to stop the company's slide in the EV market. In the second quarter, Tesla’s share of EV sales fell below 50% for the first time ever in the U.S.
"It’s a significant moment," Valdez Streaty said. "It highlights that the overall competitive landscape for electric vehicles is intensifying."
The decline of Tesla also happened while the U.S. EV sales saw a year-over-year increase of 11.3%, according to Cox Automotive.
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