Musk Kills Off Cybertruck After Embarrassing Sales Flop
The Daily Beast · Will Neal ·
The world’s richest man appears to be feeling a little light in his pockets after pouring millions into trying and failing to save MAGA.
The world’s richest man appears to be feeling a little light in his pockets after pouring millions into trying and failing to save MAGA.
Elon Musk has announced plans to wind down production of his Tesla Cybertruck at the company’s plant in Austin, Texas. The announcement, expected to take effect in the middle of next year, comes with his companies on track to lose roughly $370 billion in value by the end of the week. Investors are fleeing partly over fears Musk could be about to lose the political benefits his relationship with the second Trump has afforded him, after the hundreds of millions he poured into Tuesday’s midterms failed to save the Republican Party from an electoral wipeout. Tesla unveiled the Cybertruck to tepid reception in 2023 but enjoyed a surge of interest from MAGA supporters when Musk switched political allegiances the following year, though sales have since returned to their pre-surge levels. The company’s billionaire CEO said in an X statement that the decision to wind down on manufacturing in Texas was “to make room for increased Cybercab production,” but did not clarify whether the output would be picked up elsewhere or if he plans to discontinue the model altogether.
to unlock unlimited access to The Daily Beast.
Read the full story at The Daily Beast · All coverage of this story