EV maker Tesla (TSLA) appears to be supporting Cybertruck sales by selling a large number of vehicles to Elon Musk’s own companies. Indeed, data from S&P Global Mobility (SPGI) shows that SpaceX alone bought 1,279 Cybertrucks in the U.S. during Q4, which was more than 18% of total registrations. Other Musk-owned companies, such as xAI, The Boring Company, and Neuralink, also purchased vehicles. Because of this, nearly one in five Cybertrucks sold during that period went to companies within Musk’s own business network, with total purchases likely exceeding $100 million.
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Forget margin or options. Here's how the pros trade TSLAInterestingly, without those purchases, Cybertruck registrations would have fallen by about 51% in the quarter. Analysts say that Tesla may be running out of buyers, especially since the design has been divisive and the price is still high compared to early expectations. Although the Cybertruck launched with strong hype in late 2023, it has since faced criticism and slowing demand, partly due to backlash tied to Musk. Nevertheless, Tesla may try to rely more on business and fleet sales to support demand going forward.
In addition, reports suggest that SpaceX could buy thousands more Cybertrucks over time. However, it is still unclear how strong long-term demand will be, especially since the electric pickup market has been weak overall. Even so, Musk has suggested that future versions, including self-driving Cybertrucks, could be used for local delivery. Therefore, Tesla still sees the Cybertruck as part of its long-term strategy, even if current demand is not as strong as expected.
What Is the Prediction for TSLA Stock?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 13 Buys, 11 Holds, and six Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $401.13 per share implies 3.9% upside potential.
