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The rise in Tesla's Cybertruck sales is pushing the company's market share upward, highlighting its significant impact on the electric vehicle market, industry experts report.
Record-Breaking Cybertruck Sales and Their Financial Impact
There has been a year-over-year decline in the average selling price of new cars in the automotive industry during the last eight months. However, there has been an uptick for Tesla since March.
Is it possible that this is because the Cybertruck has an astoundingly high average sales price of $108,667? Stephanie Valdez Streaty, who is in charge of industry data for Cox Automotive, which owns Kelley Blue Book, agrees.
"The key factor with the Cybertruck isn't just the high transaction price, it's also the volume of sales. An increase in Cybertruck sales will drive prices higher for both Tesla and the EV market," according to Valdez Streaty. "In May, Tesla sold nearly 3,000 Cybertrucks at an average price exceeding $100,000. This surge in sales contributed to a 3.1% increase in Tesla's overall prices from April. Definitely, the Cybertruck is influencing that."
Sustained Sales Growth
The fact that pre-orders for Cybertruck are still being fulfilled demonstrates that they have not been discouraged by the price hike. Since the beginning of the year, Tesla has reportedly sold more than 8,000 Cybertrucks, as stated by estimates provided by Cox Automotive.
Per USA Today, due to the fact that Tesla has a big portion of the market for electric vehicles, any action that they do will have a significant influence. In the United States, Tesla is responsible for 51.3% of all electric vehicles sold. However, this dominance has been gradually waning.
Tesla's Strategic Moves in the EV Market
Sales of Cybertrucks could provide Tesla with a significantly larger boost than they did in the first quarter. In the months of April and May, the company has already sold an estimated 5,000 units.
The Ford F-150 Lightning is the electric truck that has sold the most units in the United States. Although the results for the second quarter won't be released until July, the Cybertruck got ahead of the Rivian R1T, which is currently in second place.
Photo: Mylo Kaye/Unsplash
