Tesla has started accepting Cybertruck trade-ins, something that wasn’t the case more than a year after deliveries of the electric pickup truck started.

We are starting to see why Tesla didn’t accept its own vehicle as a trade-in: the depreciation is insane.

The Cybertruck has been a commercial flop.

When Tesla started production and deliveries in late 2023, the vehicle was significantly more expensive and had less performance than initially announced.

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At one point, Tesla boasted having over 1 million reservations for the electric pickup truck, but only about 40,000 people ended up converting their reservations into orders.

Now, Cybertruck inventory is sitting unsold for months and Tesla is having to offer heavy discounts to move them.

We previously reported that Tesla refused to accept the Cybertruck, its own vehicle, as a trade-in more than a year after starting deliveries.

Tesla didn’t share an explanation at the time, but we assumed that the automaker knew the Cybertruck was depreciating at an incredible rate and didn’t want to be stuck with more trucks than it was already dealing with.

Now, Tesla has started taking Cybertruck trade-ins, at least for the Foundation Series, and it is now providing estimates to Cybertruck owners (via Cybertruck Owners Club):

Tesla sold a brand-new 2024 Cybertruck AWD Foundation Series for $100,000. Now, with only 6,000 miles on the odometer, Tesla is offering $65,400 for it – 34.6% depreciation in just a year.

Pickup trucks generally lose about 20% of their value after a year and 34% after about 3-4 years.

It’s also wroth nothing that Tesla’s online “trade-in estimates” are often higher than the final offer as noted in the footnote o fhte screenshot above.

Electrek’s Take

This is already extremely high depreciation, but Tesla is actually trying to save face with estimates like this one.

As Tesla wouldn’t even accept Cybertruck trade-ins, used car dealers also slowed down their purchases as they also didn’t want to be caught with the trucks sitting on their lots for too long.

On Car Guru, the Cybertruck’s depreciation is actually closer to 45% after a year and that’s more representative of the offers owners should expect from dealers.

That’s entirely Tesla’s fault. The company created no scarcity with the Foundation Series. They built as many as people wanted. In fact, they built too many and ended having to “buff out” the Foundation Series badges on some units to sell them as regular Cybertrucks and as of last month, Tesla still had some Cybertruck Foundations Series in inventory – meaning they have been sitting around for up to 6 months.

Now, Tesla is stuck with thousands of Cybertrucks, early owners are already getting rid of their vehicles at an impressive rate, and the automaker had to slow production to a crawl.

Australian logistics company Linfox is making big moves to electrify its heavy-duty semi fleet with the addition of thirty new Volvo FH and FM Electric semi trucks as the Swedish brand works to begin production at its Brisbane facility.

Volvo Trucks is expecting to begin full scale production of its FH and FM Electric semi trucks at the Brisbane factory in early 2026, just in time to fill the Linfox order – which happens to be the company’s largest in Australia. So far.

“We are very proud to continue our close partnership with Linfox. The order for 30 Volvo electric trucks is proof of their trust in our company and in zero-emissions transport as a viable solution here and now,” said Roger Alm, President Volvo Trucks. “Our commitment to start building electric trucks in Australia demonstrates our confidence in this technology, and means we can offer an industry-leading range of purpose-built electric trucks all around the world.”

With the production kickoff of electric trucks in Australia, it means Volvo Trucks is building its big HDEVs and prime movers in five countries on three continents. Which, as the company’s electric fleet approaches the 100 millionth mile logged mark, probably means they’re pulling well ahead of some of the other guys.

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“Linfox is excited to partner with Volvo in driving the future and leading sustainable logistics in Australia,” explains Peter Fox AM (Member of the Order of Australia), Executive Chairman of Linfox. “Further electrifying our fleet sets the standard for us and our customers and the entire industry.”

Linfox’ latest order includes 29 Volvo FH Electric and one FM Electric semi. The company currently has four electric Volvo trucks in its fleet of 195 semis, with plans to continue to electrify as ICE-powered assets reach retirement.

Electrek’s Take

Now counting miles in operation in the tens of millions and rolling out its third generation of electric semi trucks, Volvo (and, by extension, Mack and Renault) continue to build a huge lead in the commercial trucking space. The competition, meanwhile, seems content to post pictures of its first factory while trucks that have been on order for years still haven’t reached customers.

I can’t see how they (Tesla) catch up from here.

SOURCE | IMAGES: Volvo Trucks.

Oakland International Airport (OAK) in Alameda, California is helping stressed-out air passengers breathe a little bit easier with the introduction of five new battery-electric K9MD shuttle buses to its ground equipment fleet.

Global EV leaders BYD aren’t coming to America – the Chinese brand is already here. The company has been building EVs in its $250 million, 106,000 square foot production facility in Lancaster, California since 2014, delivering hundreds of battery-electric buses to fleets across the world. With this order of five new K9MD buses, OAK becomes the latest airport to turn to BYD Ride to help electrify its ground operations.

“We applaud Oakland Airport and their commitment to electrifying its fleet,” said Jason Yan, Vice President of Sales, West Region and National Account at Ride. “[BYD] Ride is thrilled to partner with OAK to offer sustainable transportation solutions that benefit both the environment and the community.”

The K9MD buses seat up to 42 passengers and have a 208 mile operating range from a 352 kWh lithium iron phosphate battery. That battery is backed by a 12-year warranty to help keep fiscally conservative fleet buyers at ease, while the smooth, quiet, and electric drive keeps the fleet’s operators happy, too.

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Oakland International Airport is operated by the Port of Oakland, and is scheduled to electrify its entire ground operations fleet by 2030.

Electrek’s Take

The people live and work near airports are exposed to more emissions than most – and that includes kids, the elderly … even their pets. Electrifying the assets that operate in those spaces pays huge and immediate dividends in terms of the public health of some of the most vulnerable populations.

It’s as good a place as any to start. Let’s go.

SOURCE | IMAGES: BYD.

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