Zayed Rehman·

Tesla Cybertruck Becomes The Third Best-Selling EV In The US

Tesla’s Cybertruck continues to make headlines, as it becomes the third best-selling EV in the US beating all other non-Tesla models. Only the Model 3 and Model Y sold more units.

This achievement is even more impressive considering how the Cybertruck was selling at it’s highest price point with the most expensive trim. It’s clear that major automakers like Ford and GM are struggling to compete in the EV market.

Tech Crunch reports that Ford only sold around 7,000 F-150 Lightnings and 13,000 Mustang Mach-E SUVs last quarter, while GM sold a total of 32,000 electric vehicles. Rivian’s electric pickup sales were even lower, at around 3,800 units.

Tesla’s financial results for the third quarter were impressive, with the company generating $25.2 billion in sales and notching a $2.2 billion profit. The Cybertruck’s positive gross margin and the sale of regulatory credits to other automakers certainly helped boost profits. Additionally, Tesla’s cost-cutting measures have reduced the cost of goods sold per vehicle to $35,100.

Investors are taking notice, as Tesla’s stock price jumped over 9% in after-hours trading. However, not all aspects of the business are thriving.

Tesla’s Supercharger growth has slowed to 20% year-over-year, likely due to the company-wide layoff earlier this year. Despite this, Tesla remains a dominant force in the EV market.

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