SpaceX tapped to prop up Cybertrucks

Sales of the vehicles have been falling, prompting an unusual business arrangement.

- BY DANA HULL

ALLEN J. SCHABEN Los Angeles Times

"TESLA is running out of buyers for the Cybertruck," noted one vehicle analyst.

Sales of Tesla Inc.’s Cybertruck have been propped up in recent months by Elon Musk’s other companies, an unusual arrangement that further indicates the polarizing pickup is failing to appeal to everyday buyers.

SpaceX, the Musk-led rocket and satellite maker, accounted for 1,279 — or more than 18% — of the 7,071 Cybertrucks registered in the U.S. during the fourth quarter, according to registration data that S&P Global Mobility provided to Bloomberg News. The billionaire’s other ventures acquired another 60 vehicles during those months.

That means almost one in every five Cybertrucks registered during the period were delivered from one part of Musk’s sprawling business empire to another. And the purchases, likely exceeding $100 million in value, have continued into this year.

The figures reinforce the extent to which consumer demand is faltering only two years after Tesla began delivering the electric pickup. Without those sales to other Musk-run companies — which included xAI, Boring Co. and Neuralink, in addition to SpaceX — Cybertruck registrations in the fourth quarter would have fallen 51%.

"Tesla is running out of buyers for the Cybertruck,” said Sam Fiorani, vice president of global vehicle forecasting for advisory firm AutoForecast Solutions.

Tesla, Musk, SpaceX, Boring and Neuralink didn’t respond to requests for comment. SpaceX acquired xAI in February.