The Tesla Cybertruck, has been described as a “mistake turned marketing tool” by Tesla. This is because it is believed that the electric pickup truck has resulted in a significant gap in growth for the leading automaker.
However, Tesla has strategically turned this around by transforming the Cybertruck into an effective marketing tool. Even though the automaker is still in the early phase of predicting whether the Cybertruck will be successful or not, it has already garnered a sizable reservation backlog.
Tesla predicts an annual production of approximately 250,000 Cybertrucks, which is significant despite not largely impacting their overall growth rate. The company has described this as a “break in its waves of growth” as they anticipate the next wave to be centred around Tesla’s upcoming next-generation vehicles beginning in late 2025.
Tesla’s growth has considerably slowed recently, largely due to the almost exhausted capacities of their Model 3 and Model Y subcompact SUVs, with the only new addition to the lineup in 2024 being the Cybertruck. Critics argue that Tesla should have devoted more resources towards developing its next-generation vehicles much earlier to lessen the gap between its two growth phases.
The production version of the Cybertruck, despite being more expensive than originally anticipated and featuring a shorter range, has introduced remarkable technologies such as steer-by-wire and a 48-volt electrical system. Its unique design has also garnered the admiration of many fans, which Tesla has capitalized on as part of its marketing strategy.
Taking advantage of the significant attention the Cybertruck has gained, Tesla has utilized it to increase sales of its other cars by increasing showroom footfall, often by showcasing the Cybertruck in showrooms even in countries where they are yet to open orders.
In conclusion, it’s clear that Tesla has been able to leverage the Cybertruck as a marketing tool to not only increase showroom traffic but also to boost sales and awareness of its other electric vehicles. However, critics argue that investing the same resources towards launching their next-generation vehicles earlier would have potentially yielded better results in supporting Tesla’s mission and increasing shareholder value.
Source: Tesla Cybertruck is a mistake turned marketing tool.
