Tesla to refund some Cybertruck deposits as production ends in 8 months

Tesla announced it will return deposits to many customers who ordered the Cybertruck as production at its Texas factory winds down, CBS News Bay Area reported. CEO Elon Musk said the order rate far exceeds the company's production capacity, leading to the decision to refund deposits for numerous buyers.

Musk shared on social media that Tesla plans to continue making Cybertrucks for about eight more months before shutting down the production line to increase production of the Cybercab robotaxi. The shift aims to prioritize robotics and robotaxi development.

Wall Street analyst Dan Ives told CBS News the move was expected due to the Cybertruck's high price and low demand. Musk denied claims that production was ending because the vehicle was unprofitable, stating the complexity of the Cybertruck limits Tesla's ability to scale the more valuable Cybercab.

Tesla introduced the Cybertruck in 2019 with a starting price of $69,000. Musk emphasized the Cybertruck's uniqueness and said there will never be another vehicle like it, even as the company shifts focus to robotaxi production.