Cybertruck’s success comes at a price: Tesla will sell nearly 39,000 vehicles in 2024, data shows, but sales of luxury Model S and

The rise of Tesla Inc.of Tesla cybertruck The latest data from Automotive Research shows that U.S. sales last year severely impacted the company’s other luxury products, including the Model S sedan and Model X SUV Kelley Blue Book.

What happened: Data shows that Tesla sold 12,991 Cybertruck vehicles in the United States in the fourth quarter of 2024, and 38,965 vehicles were sold throughout the year. Tesla begins delivering Cybertruck in late November 2023, making 2024 the first full year of deliveries of the vehicle.

However, even as the company expanded Cybertruck deliveries, its Model S and Model X sales took a major hit. Last year, Model S sales fell 31% to 12,426 units, while Model X sales fell 20% to 19,855 units.

In fact, the company has cumulatively sold 32,281 Model S and X units, fewer than the Cybertruck.

Tesla’s overall deliveries in the United States in 2024 dropped 5.6% from the same period last year to 633,762 vehicles, spurring a decline in its global deliveries. Data shows that sales of the company’s Model 3, X, Y and S series models have all declined.

Tesla does not provide vehicle delivery data by geography, so we rely on third parties for this purpose.

Why it’s important: Despite an annual decline in overall sales, the Tesla Model Y SUV remains the best-selling electric vehicle in the United States, followed by the Model 3 sedan. Ford’s Mustang Mach-E ranks third on the best-selling electric car list, with the Hyundai Ioniq 5 not far behind in fourth.

Tesla reported earlier this month that global annual vehicle deliveries fell for the first time. The company delivered 1,789,226 vehicles in 2024, down 1.1% from the 1,808,581 deliveries reported in 2023.

However, the company is still the best-selling electric vehicle brand in the United States by a huge margin, followed by Ford, which sold just 97,865 electric vehicles last year.

Price Action: Morgan Stanley raised its target stock price for Tesla from $400 to $430 on Monday while maintaining an “overweight” rating. Tesla’s stock price rose 2.5% in pre-market trading on Tuesday.

Tesla’s consensus price target is $294.23, based on ratings from 34 analysts tracked by Benzinga and a unanimous “neutral” rating.

The stock closed up 2.2% on Monday at $403.31, and is up about 3.4% year to date, according to Benzinga Pro.

Click here to see more of Benzinga’s Future Action coverage.

Read next:

Image from Tesla