Based on the latest tally, Tesla has a backlog of over 1.2 million Cybertruck reservations worth over $80 billion.
But there’s still no production in sight.
Tesla unveiled the Cybertruck almost two years ago to the day.
The electric pickup truck was supposed to be in production already, but the automaker delayed the program as it focused on growing Model Y production.
Tesla’s best estimate now puts the start of Cybertruck production in late 2022.
In the meantime, Tesla is still taking reservations for the electric pickup truck.
The Cybertruck reservation program has been quite successful.
CEO Elon Musk announced that Tesla received over 250,000 reservations for the Cybertruck within a week of unveiling the vehicle.
Generally, Tesla receives a lot of reservations early after an unveiling, and then it tapers off — but that wasn’t the case with the Cybertruck.
Even throughout the pandemic, sources told us that some Tesla stores were getting hundreds of Cybertruck reservations per week, and Cybertruck pre-orders even helped boost sales.
The number was last updated in June 2020, and at that point, the number had risen to over 650,000 Cybertruck reservations.
Now the tally estimates that Tesla has over 1,270,000 reservations for the electric pickup truck:
The tally also collects information on the reservations that show the vast majority are ordering the Dual Motor and Tri Motor versions of the Cybertruck.
As we recently reported, Tesla has decided to remove references to trims and pricing of the Cybertruck from its website last month.
But based on the prices previously disclosed by Tesla, it would put the average sale price at $58,000 and the value of the reservations at over $80 billion.
To be fair, the fact that Tesla requires only a $100 deposit for the Cybertruck (used to be $1,000 for Model 3/Y) makes it less of a commitment to place a reservation resulting in the take rate from reservation to order is expected to be lower.
Either way, Tesla is certainly leading the electric pickup truck market in terms of reservations, but several companies are beating the company to market.
Rivian has already started deliveries of the R1T electric pickup. GM is expected to start deliveries of the Hummer EV pickup by the end of next month, and Ford will deliver the F-150 Lightning next year.
But the real race is not who can deliver the first electric pickup truck. It’s who can achieve volume production and deliveries.
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