Tesla Cybertruck wait times shorter than expected, almost sold out for 2024

Tesla CEO Elon Musk has admitted the company has considered "goug[ing] people for early delivery" of the Cybertruck to curb demand, as wait times extend close to the end of 2024.

It was reported prior to the first Cybertruck deliveries last year that wait times stretched beyond four years – calculated based on the 1 million pre-orders held by the company at the time, and planned annual production of 125,000 vehicles.

Tesla executives told media and investors this morning the US electric-car giant expects to "soon sell out all of the builds in 2024".

However it is unclear if the queue is only 12 months long – because buyers have cancelled their orders – or if Tesla is simply yet to invite reservation holders to convert their pre-order into a non-refundable deposit on a vehicle.

MORE: Tesla Cybertruck deliveries begin with $45,000 price rise

Musk told investors the company thought about hiking the price – which is already 60 per cent higher than the estimated prices announced at the Cybertruck concept's launch four years ago – to throttle demand, but did not follow through with it.

"It's important to emphasise this is a production-constrained situation not a demand-constrained situation. We could dramatically raise the price but that doesn't feel right to us, to gouge people for early delivery," said Musk.

"But really, the demand is off the hook. As long as the price is affordable, I see us ultimately delivering a quarter of a million Cybertrucks a year in North America, maybe more."

The Texas factory where the Cybertruck is built has an "installed capacity" of 125,000 vehicles annually – and Musk has expressed a desire to ramp production to 250,000 cars annually, which would not be hit until 2025, more than a year into Cybertruck production.

The specific reference to North America calls into question whether the Cybertruck will ever be exported beyond the continent, even to markets such as the Middle East.

As exclusively reported by Drive, the Tesla Cybertruck is not currently planned for sale in Australia as the Texas factory where it is built cannot produce cars in right-hand drive.

On a briefing with investors today, Tesla executives did not acknowledge a request for an updated tally of pre-orders. In late October 2023 Tesla held more than 1 million pre-orders, each refundable and worth $150.

"I want to thank all of the Cybertruck reservation holders for their patience," a Tesla executive said on the investor briefing.

MORE: Tesla Cybertruck not coming to Australia

"The reservation-to-order conversion rate has so far been very, very encouraging. If the trend continues we will soon sell out all of the builds in 2024.

"We have [had] new orders come in after the launch, the order numbers keep growing, so we are all hands on deck to focus on ramping [production] and fulfil all the demand to reduce the wait time."

It was never expected every pre-order would follow through to a vehicle sale, however it seems a number of customers have cancelled their reservations following the price rises, given how optimistic Tesla executives presented to investors and media about reducing current wait times.

"Other trucks on the road … if you were to switch out the brand name, you wouldn't know which company made them. But you definitely would know with Cybertruck. It's our best product ever."