Tesla’s Cybertruck ranked as the third best-selling electric vehicle in the U.S. during the third quarter, surpassing all non-Tesla EVs. Only the Model 3 and Model Y sold better. The Cybertruck achieved this despite launching at its most expensive trim. This highlights the challenges major automakers like Ford and General Motors face in attracting EV customers.
According to Kelley Blue Book, the Cybertruck sold over 16,000 units. Ford sold around 7,000 F-150 Lightnings and over 13,000 Mustang Mach-Es, while GM sold roughly 32,000 EVs total. Rivian delivered around 3,800 electric pickups.
Tesla confirmed the Cybertruck’s third-place finish when it released its Q3 financials, noting a positive gross margin. Tesla reported $25.2 billion in sales for the quarter, with a $2.2 billion profit. The profit was helped by $739 million in regulatory credit sales, the second-highest quarterly figure, and from software updates, including the Actually Smart Summon feature and Full Self-Driving (Supervised) software.
Tesla’s cost-cutting measures also contributed to its profitability, reducing the cost of goods sold per vehicle to $35,100.
Those Q3 results boosted Tesla’s stock price by more than 9% in after-hours trading.
However, cost-cutting measures haven’t benefited all areas of the business. Tesla reported just 20% year-over-year growth in its Supercharger stations, marking the slowest growth rate in years. This slowdown follows Tesla’s decision to significantly reduce — and later rehire some of — its Supercharger team earlier this year as part of broader company-wide layoffs.
