Tesla Launches $62,490 Cybertruck as BYD Surpasses 377,420 March EV Sales

Tesla has introduced a lower-cost version of its Cybertruck, priced at $69,990, or $62,490 after the U.S. EV tax credit. The new trim excludes features such as all-wheel drive, air suspension, and the rear light bar, resulting in a $10,000 savings compared to the current AWD model. Deliveries are expected to begin in June or July, and the model is currently U.S.-exclusive. The release comes amid challenges for Tesla, including a sharp decline in Cybertruck sales, which missed volume goals by 84%. Tesla's global sales fell 13% year-on-year in March, with significant declines in Europe and other key markets. The company faces increasing competition from Chinese electric vehicle manufacturers like BYD. BYD, Tesla's main competitor, has surpassed Tesla in global EV sales, selling 377,420 vehicles in March and nearing one million sales in Q1 2025. BYD reported $107.2 billion in revenue for 2024 and has sold over 11.6 million EVs to date. The company also exported 206,084 vehicles in Q1, showcasing its growing international presence and competitive edge.