Tesla’s Cybertruck emerged as the third best-selling electric vehicle (EV) in the United States during the third quarter, surpassing all non-Tesla EVs. The only models with higher sales were Tesla’s own Model 3 sedan and Model Y SUV.
This notable achievement for the Cybertruck comes despite its availability only in the most expensive trim. It also underscores the challenges faced by traditional automakers like Ford and General Motors in attracting customers to their EV offerings.
According to data from automotive research firm Kelley Blue Book, Tesla’s Cybertruck recorded over 16,000 sales in the quarter. In contrast, Ford sold around 7,000 units of its F-150 Lightning and just over 13,000 Mustang Mach-E SUVs. General Motors had some early success with the new Blazer and Equinox EVs but sold only around 32,000 electric vehicles in total last quarter. Rivian, another EV maker, delivered about 3,800 electric pickups.
Tesla confirmed its third-place finish in EV sales when it released its financial results for the third quarter. The company also noted that the Cybertruck contributed positively to its gross margin—a profitability measure that subtracts the cost of goods sold from revenue.
Overall, Tesla generated $25.2 billion in sales and $2.2 billion in profit during the quarter. This profit was boosted by $739 million in sales of regulatory credits to other automakers, making it the second-highest quarterly total for these sales after Q2 of this year, when Tesla sold $890 million worth.
Tesla’s profits also benefited from revenue recognition tied to the rollout of its “Actually Smart Summon” and “Full Self-Driving (Supervised)” software to Cybertruck owners, which allowed the company to count some of the payments made upfront by customers as revenue.
Tesla’s continued focus on cost-cutting further strengthened its profitability. In its shareholder letter, Tesla stated that its cost of goods sold per vehicle had decreased to $35,100.
These strong Q3 results contributed to a more than 9% rise in Tesla’s stock price in after-hours trading.
However, not all parts of the business are benefiting from cost-cutting efforts. Tesla reported only a 20% year-over-year increase in its Supercharger stations, the slowest growth rate in years.
Earlier this year, Tesla made significant cuts to its Supercharger team as part of broader layoffs, although it has since begun rehiring in this area.
