Elon Musk Says Cybertruck Orders Are ‘Far More Than We Can Make.’ Tesla Is Still Replacing It With Cybercab. What It Means for TSLA Stock
On November 6, Elon Musk said Tesla (TSLA) will wind down the Cybertruck by mid-2027 to make room for its Cybercab production. Just a day later, he said that the Cybertruck backlog is “far more than we can make” and that Tesla will add an extra shift to increase production speed. This confused people on social media. One popular comment under Musk’s X post was, “Our truck is selling too well, we better cancel it.”
The sales data cuts against the backlog claim, though. Kelley Blue Book estimates U.S. Cybertruck sales fell from 38,965 in 2024 to 20,237 in 2025. Through September this year, Tesla has sold just 11,586. Tesla had built the line for about 125,000 trucks a year, but it’s selling at roughly one-tenth of that pace. Tesla also raised Cybertruck prices this month and stopped taking orders for the cheapest version. That looks more like squeezing profit out of the final trucks than chasing demand. Musk also didn’t say how many orders Tesla has or how many trucks it plans to build before the line closes. The “far more than we can make” quote can make people think there’s very high demand. But with the line running at around a tenth of its capacity, even a modest number of orders could count as more than what the company can make.
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On November 9, Musk added that Tesla “will have to return deposits for a lot of people,” so the backlog appears to be real. But I still think it looks more like a last-chance rush than the strong demand Tesla once hoped for. Musk once called the Cybertruck Tesla’s best product ever and predicted it could eventually build 250,000 to 500,000 units a year. And the numbers now are nowhere near that.
Why the Cybertruck Barely Matters for TSLA Stock
The Cybertruck is making the headlines after Musk’s post, but at about 11,600 Cybertrucks in the U.S. through September, it’s just about 3% of Tesla’s total U.S. sales over the same period. The Cybertruck is being replaced by the Cybercab, Tesla’s two-seat robotaxi. Paid Cybercab rides started in Austin in September, and Tesla is targeting its first customer deliveries by the end of this year. I covered earlier that the Cybercab also has no steering wheel or pedals, and U.S. regulators are considering dropping the steering wheel requirement. Looser rules would make it much easier for Tesla to roll out Cybercabs at scale. I think giving the floor space to the Cybercab is the right call for shareholders. The Cybertruck makes up a small portion of Tesla’s sales, so it matters less for the stock. The Cybercab could offer a lot more upside.
About Tesla Stock
Tesla is best known for its electric cars, but it also sells home batteries and solar products. It’s betting much of its future on self-driving robotaxis and humanoid robots. That bet is why the Cybertruck’s production is coming to an end and is being replaced by Cybercabs instead. Founded in 2003, the company is headquartered in Austin, Texas, and is led by CEO Elon Musk.
Tesla’s stock is down 18% so far this year, underperforming the S&P 500 ($SPX), which has gained 8% during the same period. The dip has come due to several reasons, including deliveries getting off to a slow start and profits shrinking because of heavy AI spending. Some investors also shifted their attention to SpaceX (SPCX).
Spending on the Future Squeezes Today’s Profits
Tesla reported its third-quarter fiscal 2026 results on October 21. Revenue of $28.05 billion was roughly in line with estimates, while adjusted EPS of $0.48 beat the $0.45 estimate. Deliveries of 486,532 also came in well ahead of forecasts. But profit was a weak spot. Operating income fell 56% to $718 million as Tesla spent heavily on AI, robotaxis, and Optimus. Its free cash flow was still solid, reported at about $1.5 billion.
Looking ahead, Tesla said it ended the quarter with its largest vehicle backlog in four years, and Full Self-Driving subscriptions jumped 67% to 1.74 million. Cybercab and Tesla Semi production also began during the quarter. Optimus remains the bigger long-term bet. Back in July, I said that progress on its humanoid robot matters more to Tesla bulls than car sales do. Musk has since said Tesla will likely rent its robots, which should cost about $30,000 to build at first, then fall toward $20,000 over time.
What Do Analysts Expect for Tesla Stock?
Based on 41 Wall Street analysts, Tesla holds a “Moderate Buy” rating with a mean price target of $414.94, indicating 16% upside. The highest price target is $600, while the lowest is just $157, which shows how divided analysts remain on the stock’s future.
On the date of publication, Jabran Kundi did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com