Tesla launches Cybertruck leases stating at $999 to boost demand
Tesla has launched Cybertruck leases starting at $999 a month to boost demand for its electric pickup truck.
As we reported earlier this week, Tesla appears to have been running out of its backlog of Cybertruck reservation holders in the US based on the fact that people without reservations can order one and get it delivered in days.
Tesla also started deliveries in Canada, but the market isn’t expected to be able to take a lot of Cybertrucks off their hands starting at $138,000 CAD.
Now, the automaker has pulled a new demand trigger for the Cybertruck in the US: leases.
Here are all the Cybertruck leases monthly payments without any options with and without down payments:
- Cybertruck Dual Motor
- with $0 down:
- 36 months: $1,249 a month
- 24 months: $1,568 a month
- with $7,500 down:
- 36 months: $999 a month
- 24 months: $1,199 a month
- with $0 down:
- Cybertruck Tri-Motor
- with $0 down:
- 36 months: $1,439 a month
- 24 months: $1,715 a month
- with $7,500 down:
- 36 months: $1,204 a month
- 24 months: $1,368 a month
- with $0 down:
Unlike buying, leasing lowers the requirements to get access to the $7,500 tax credit, which often makes leasing a better deal than buying for electric vehicles.
Electrek’s Take
These aren’t bad deals and they should help Tesla maintain some demand until it can launch the cheaper $60,000 Cybertruck next year.
Otherwise, some price cuts were going to be needed.
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Jack Dorsey, co-founder of Twitter Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
During the crypto-crazed summer of 2021, when memecoins such as dogecoin and Shiba Inu were rocketing alongside bitcoin and ethereum, Square founder Jack Dorsey announced that his payments company was starting a new business unit, with the goal of “making it easy to create non-custodial, permissionless, and decentralized financial services.”
“Our primary focus is #Bitcoin,” Dorsey proclaimed on Twitter. The name of the business unit would be TBD.
In December of that year, Dorsey went a step further, changing the name of Square Inc. to Block, a reference, he said, to a number of things, including blockchain, the technology underpinning bitcoin. The Square Crypto business became known as Spiral.
Three years later, Dorsey is in retreat.
On Block‘s third-quarter earnings call Thursday, CFO Amrita Ahuja said Block has “made some recent decisions with respect to some of our emerging initiatives” and is “winding down our TBD efforts.”
Block continues to own a hefty amount of bitcoin on its balance sheet, with the current value of its holdings swelling to $630 million. And the company said it will be investing in a bitcoin mining initiative as well as Bitkey, its bitcoin wallet, while continuing to allow users to buy bitcoin through Cash App.
It’s a notable change of tune.
TBD was designed to be Block’s platform for developers. Block called it Web5 and said the mission was to create a more decentralized, secure and private internet. Dorsey said in a tweet in mid-2022 that Web5 “will likely be our most important contribution to the internet.”
Square’s five-year stock chart
But Wall Street’s view on crypto was starting to sour dramatically. With inflation soaring in 2022 and interest rates on the rise, shareholders demanded quicker returns on their investments. After peaking in 2021, Block shares lost more than 80% of their value before bottoming in October 2023.
Block said in late 2023 that it would cut its head count — then about 13,000 staffers — by as much as 1,000 by the end of 2024. Block laid off the majority of TBD employees in recent weeks. And in the third-quarter shareholder letter, Block said it was “scaling back” its investment in Tidal, the music-streaming service founded by Jay-Z, after spending about $300 million on a majority stake in the business in 2021. Tidal was part of TBD.
Dorsey was asked by an analyst on Thursday’s call about the company’s current bitcoin strategy.
“What we’re focused on in terms of our strategy overall on bitcoin is making it more accessible, making sure that more people can access bitcoin, buy, sell it, obviously, but also send it peer-to-peer,” Dorsey said.
Dorsey added that he wants “the internet to have a native currency,” because that would allow Block to move money faster and offer Cash App and other products in more markets.
A Block spokesperson reiterated the company’s public statement and pointed to Dorsey’s comments from the earnings call.
What’s become clear is that Dorsey can only do so much with crypto while trying to appease a more discerning Wall Street. Shares of Block were down about 1% at market close Friday, after the company reported revenue that trailed estimates and issued weaker gross profit guidance than some analysts were expecting.
In his 1,400-word letter to shareholders, Dorsey focused entirely on the company’s lending offerings for small businesses. A significant chunk of that is the buy now, pay later product from Afterpay, which Block acquired for $29 billion in 2021.
Dorsey didn’t mention crypto or bitcoin once.
A “UK-first” intercity battery trial train proved that single battery technology can outperform diesel engines cost-effectively.
Hitachi Rail, Angel Trains, and TransPennine Express just wrapped up the trial, which took place in the north of England. It proved that powerful batteries offer significant benefits for emissions, fuel savings, and air quality.
Hitachi has already rolled out passenger battery trains in Japan and Europe, like the Masaccio hybrid in Italy. The intercity battery trial train in the UK demonstrated that the 700 kW battery could push the train past 75 mph and power it for over 70 km. The battery matches the weight of a diesel engine and is installed in the same undercarriage space, ensuring no risk of track degradation and no impact on the passenger environment.
The battery trial train delivered better-than-expected results in fuel savings, cutting fuel costs by 35-50%. One key way it achieved this was with an “Eco-mode” where the battery fully powered sections of the route, showing that the technology is more than ready for real-world use.
This success gives Hitachi the green light to move on to a full intercity battery-electric train, with an estimated range of 100-150 km. That would allow significant stretches of non-electrified routes to go battery-powered, avoiding the need for expensive infrastructure like overhead wires in tunnels or stations.
UK Rail Minister Lord Hendy said:
Rail is already the most environmentally friendly form of public transport, and the success of this trial will pave the way for even greener, more reliable journeys for millions of passengers.
This technology will play a vital role as we deliver our ambitious plans to transform and decarbonize the railways, and it could open the door to a more affordable expansion of the network for communities across the country.
Hitachi Rail is the only train manufacturer developing a battery product using the UK battery supply chain, and it’s collaborating with Innovate UK and the University of Birmingham to develop next-gen battery technology.
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