SpaceX Purchases Account for 18% of Cybertruck Q4 Registrations, Raising Demand Concerns

Gate News message, April 16 — SpaceX and other Elon Musk-led companies have been significant purchasers of Tesla’s Cybertruck, raising questions about genuine consumer demand for the electric pickup. According to S&P Global Automotive registration data, SpaceX acquired 1,279 Cybertrucks out of 7,071 registered in the U.S. during the fourth quarter of 2025, representing 18% of total registrations. Musk’s other companies, including xAI, Boring Co., and Neuralink, purchased an additional 60 units during the same period.

These purchases totaled over $100 million based on Cybertruck’s current starting price of approximately $70,000. S&P Global data shows SpaceX first registered Cybertrucks in October 2025, with purchases continuing into 2026—158 units registered in January and 67 in February. Without these internal company purchases, Cybertruck Q4 registrations would have declined 51%, according to analysis.

Tesla faces mounting pressure as the electric vehicle market intensifies. The company delivered 358,000 vehicles globally in the first quarter of 2026, falling short of market expectations of 372,000 units and marking the second consecutive quarter below Wall Street forecasts. Tesla has already been surpassed by China’s BYD as the world’s leading EV seller. The Cybertruck, launched in late 2023, was initially projected to reach 250,000 annual units by 2025, but consumer interest has weakened significantly.

The electric pickup market remains challenging overall. Ford recently converted its F-150 Lightning to a plug-in hybrid design, while Cybertruck remains the best-selling pure electric pickup in the U.S. despite a 45% sales decline in the first quarter, according to Cox Automotive data. Tesla has not indicated plans to discontinue Cybertruck production but is phasing out slower-selling Model X SUVs and Model S sedans.