With EV tax credits gone, Tesla is once again expected to underperform in Q4. Yet its stock has surged nearly 50% over the past six months, underscoring how the company’s roughly $1.5 trillion valuation appears increasingly disconnected from the health of its core car business.
That hasn’t stopped Elon Musk from allegedly giving Tesla a boost. According to an Electrek source, SpaceX has purchased more than 1,000 Cybertrucks from Tesla, with the total potentially climbing to 2,000. If true, that would mean one Musk-owned company has spent over $100 million buying vehicles another Musk-owned company is struggling to sell.
Footage shared on X shows large numbers of Cybertrucks parked outside SpaceX facilities in South Texas, fueling speculation that the purchases are meant to pad Tesla’s sales figures. The Cybertruck has fallen far short of Musk’s original promises of 250,000 to 500,000 annual sales, making internal demand a convenient lifeline at year’s end.
Meanwhile, Tesla’s broader sales picture is deteriorating. US sales fell to nearly a four-year low in November, according to Reuters, and even a cheaper version of the Model Y failed to revive demand. Registration data shows just 5,385 Cybertrucks sold in the US in Q3 — a 62% year-over-year decline.
The truck has also faced eight recalls, criticism over its range, and backlash over prices that landed far above early projections. Still, Musk continues to publicly defend it, calling the Cybertruck “incredible” and Tesla’s “best ever.”