Tesla’s reduced production of its cyber truck has a wrinkle effect on owners, some of whom say that insurance companies are now canceling policies for the vehicle.
Once one of the world’s most hyped vehicles, the sales and production numbers for Tesla’s Cybertruck have fallen sharply. In the second quarter of this year, the company only sold 4,306 Cybertrucks, a decrease of more than 50% in the same period in 2024.
Now, Link news reportedSome insurance companies use those figures to cover their fully electric truck.
A resident of Illinois wrote in a cyber truck -owners’ Facebook group That his cyber truck should be removed from his policy.
He shared a letter written by Hanover Insurance, who said that the company “is unable to sufficiently assess and endorse the vehicle” because of the limited production and that “the design is a unique challenge, because it yields extraordinary costs for repair or replacement under extensive or collision coverage.”
The only way his general policy could prevent cancellation, the company wrote, was to remove the cyber truck from it.
“Note,” he wrote, “Nul accidents in my life.”
This development is the newest piece of disturbing news about the cyber truck – and, real, Tesla’s general turnover this year.
As Torque News noted, the company already has the capacity to produce 130,000 cyber trucks per year, and CEO Elon Musk suggested earlier that Tesla would make up to 250,000 vehicles every year. But based on his figures in the second quarter, the company would be on a pace to produce fewer than 20,000 cyber trucks annually.
In that quarter, the sale of Cybertruck was not only defeated by that of the Ford F-150 Lightning, but also by the Hummer EV. And the problem was not limited to the cyber truck, because the total turnover of Tesla fell by 12.6% compared to the previous year.
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As the largest company with electric vehicles, any negative development for Tesla may allow people to think twice before Switch to an EVThat could keep more high-polluting, dirty energy-branding cars on the road instead.
On the Facebook group, some other Cybertruck -owners said that they also received cancellation messages from Hanover Insurance, but were successful in finding policies with other companies, namely Farmers Insurance.
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