Musk first unveiled the Cybertruck in 2019, but the production timeline has been lethargic since then. The first vehicles were delivered last autumn, two years later than expected. Barron’s reported in January that more than 2 million people are on the waiting list: new orders are currently scheduled for 2027.
But Tesla recently announced a new program that allows would-be buyers to jump the line to get their hands on a new Cybertruck, but only if they already own $40,000 worth of Tesla stock.
Under the program, dubbed “Cybertruck Early Delivery for Long-Term TSLA Shareholders,” anyone who owned at least 500 Tesla shares two years ago — and still owns at least half of that today — is eligible to receive early delivery of a Cybertruck.
Limits for this program mean it will only be available to Tesla’s most avid stakeholders: Two years ago, 500 Tesla shares were worth more than $112,000. Even if they sell half their stake, Tesla fans will still need to have at least $40,000 worth of shares to qualify for the early delivery program. (The first Foundation Series Cybertruck, the only model currently available, retails for only about $80,000.)
Tesla required buyers on the waitlist to put down a refundable $1,000 deposit to hold their place in line last December. (The deposit goes towards the eventual cost, but if buyers change their minds and decide they don’t want a Cybertruck, they lose their money.) Tesla fans have paid, but they still don’t know when to expect their vehicles—the standard version rear-wheel drive won’t be available until 2025, according to Tesla.
Tesla, which has long led the United States in electric vehicle sales, is struggling to maintain its growth rate in the electric sector. The American market has few options below the $50,000 mark, and Tesla has been trying to bring a cheaper model to the market for some time. Evercore analysts who visited the company’s factory in Texas just issued a note predicting that the model won’t hit the streets until at least 2027.
Tesla delivered a record number of vehicles last year, but declining sales in the Chinese market and a string of disappointing earnings have painted a cloudier picture for the market leader. (A Wells Fargo analyst downgraded its stock on Wednesday, calling Tesla a “non-growth growth company.”) But one thing Tesla has going for it is an army of Elon superfans — and, at least for the Cybertruck, that should be enough to increase sales in the years to come.