Tesla Inc (NASDAQ:TSLA) employees had reported an unexpected buildup of Foundation Series Cybertruck inventories.
No customers came forward to collect their vehicles, according to self-proclaimed Tesla supporter and stockholder, Kevin Melnuk. He expressed concerns over Tesla’s second-quarter performance and the company’s cash burn due to rising inventories.
Some locations in Florida are experiencing overflow with full lots, he hoted. But overall demand appears to have peaked.
Siddhant Awasthi, a Cybertruck vehicle program manager, responded in a social media post.
Not correct..we are actively building foundation series
— Siddhant Awasthi (@siddawa) May 22, 2024
Awasthi clarified, “Not correct..we are actively building foundation series,” suggesting that the production and customer interest in the Foundation Series remain robust.
Melnuk’s post also mentioned that the Foundation Series, Tesla’s initial production run of the Cybertruck, might soon come to an end.
This speculation has contributed to a decrease in prices on the used market, indicating a shift in consumer interest and potential oversupply.
The scenario has raised questions about Tesla’s pricing strategy and market positioning for the Cybertruck as it navigates these inventory challenges.
Photo courtesy of Tesla
