Tesla recently made a surprising move by increasing the price of its most expensive Cybertruck variant, known as the Cyberbeast, by $15,000. This price hike was implemented overnight without any prior announcement, catching many customers off guard.
In exchange for the additional cost, Tesla is offering the Full Self-Driving (Supervised) software, which typically costs $8,000, along with unlimited Supercharging, a four-year premium service pack, and premium connectivity. These added features are bundled into a mandatory “Luxe Package” that is exclusive to the top-tier trim level.
The new price for the tri-motor Cybertruck Cyberbeast now stands at $117,235, making it almost as expensive as a quad-motor Rivian R1T. Despite the higher price tag, customers will not be eligible for the $7,500 federal tax credit when purchasing this trim with cash, as its MSRP exceeds $80,000.
For those who do not require the extra features and added cost, Tesla still offers the Long Range and All-Wheel Drive versions of the Cybertruck at lower price points of $72,235 and $82,235 respectively. However, the recent price increase for the top-tier model comes at a time when Cybertruck sales have been underwhelming, with only 4,306 units sold in the second quarter.
This decision to raise prices and include features that may not be in high demand mirrors a similar strategy employed by Tesla for its Model S and Model X vehicles. The company recently added a mandatory Luxe Package to these models, raising their prices by $10,000.
While Tesla has relied on the success of its Model 3 and Model Y vehicles to drive sales and revenue, the decision to increase prices on its high-end models may not align with consumer preferences. As the company navigates the competitive electric vehicle market, balancing price adjustments with customer demand will be crucial for sustaining growth and profitability.