The Worst Flop In Tesla's History Is Still Getting A $5,000 Price Increase For Two Models

Available since November 2023, the Tesla Cybertruck has certainly led a contentious life, and recent price increases certainly won't be helping. From a string of recalls to surprising maintenance costs, it's been a bumpy road for the vehicle, and now two versions are getting a $5,000 price increase in the U.S. This means the Cybertruck will now start at $74,900 for the entry-level Dual Motor model, while the Premium trim starts at $84,990; The top-of-the-line Cyberbeast price holds still at $99,990.

With a "Hard Freaking Stainless" (HFS) steel exterior and novel design, the goal of the Cybertruck was to rival trucks from other automakers. Though no reason was given, the price increase likely stems from the overall rise of electronic components, of which many of the available features inside a Cybertruck utilize.

Though Tesla CEO Elon Musk once estimated that the company would be selling up to 500,000 Cybertrucks yearly, the actual numbers tell a much different story. For example, Cox Automotive released a report estimating that the company sold 7,263 of the vehicles for the first half of this year — a 32.2% decrease from the same time period a year prior. The question of whether or not the Cybertruck is reliable is a likely factor in these dismal sales, and interestingly, one report also compared the vehicle to another infamous flop within the automotive industry.

Tesla's Cybertruck price increases shouldn't be too surprising for those that keep a beat on electric vehicles (or electronics in general), as other automakers are also feeling the squeeze on a market short of components. For a quick example, William Li, founder and CEO of the Chinese electric vehicle manufacturer Nio stated back in March that the rising prices for components like memory can add between 3,000 and 5,000 yuan ($446 to $744 USD) to the cost of a vehicle for each affected component.

Again, Tesla has been quiet stating its reasoning for the price increase, but considering the prices for DRAM used in infotainment systems (much like the one in a Cybertruck) saw a 180% increase in price at the start of this year lends credence that the rising costs may be due to unavailable components. It's not just the world of electric vehicles suffering larger costs, as Consumer Reports suggest this may be one of the most expensive years for tech in general.

As for the success of the Cybertruck, a Bloomberg article from July of this year compares the vehicle to the Ford Edsel — a model from 1957 that was largely regarded as one of the biggest design flops in automotive history. The Edsel was discontinued in 1959 for awkward styling and poor sales, both of which are attributes of the Cybertruck.