It’s the end of the road for one of the biggest flops in automotive history.
Fresh off of his bruising defeat in the midterm elections, Tesla CEO Elon Musk announced that the carmaker is winding down production of one of his most beloved pet projects, the Cybertruck.
“Tesla will be winding down production of the Cybertruck at Gigafactory Texas around the middle of next year to make room for increased Cybercab production,” Musk tweeted in the early morning hours of Friday.
It’s unclear whether production will move to another factory or stop altogether, as Musk’s statement technically doesn’t rule out the possibility. But given how much of a disaster it’s been for the company, and his use of the words “winding down,” it’s likely the latter.
Sales of the divisive, stainless steel-clad pickup have been circling the drain for a while now, despite Musk hyping it up as the “best vehicle Tesla has ever made.” Major design flaws, from rusting side panels that became unglued on the highway to an abysmal range, have plagued the truck since its debut.
Besides its controversial design, which made it unfit for many markets around the world, the truck also became a magnet for widespread hatred aimed at the almost-trillionaire’s political activities.
The timing of Musk’s latest announcement is particularly noteworthy. The entrepreneur, who has a long track record of trying to influence the democratic process with his unfathomable wealth, invested almost half a billion dollars in the midterm elections — a gamble he ultimately lost in spectacular fashion as the Republican candidates he backed were roundly defeated.
The end of the Cybertruck is a symbolic bookend to a very bad week for Musk. While his company is ready to turn the page and focus its efforts on its autonomous ride hailing service, Tesla has a very long way to go to catch up with the competition.
And now that the political tides are starting to change, investors are asking some tough questions. Tesla shares are down over 12 percent in the last five days alone, indicating plenty of fear surrounding potential political retaliation.
More on the Cybertruck: It’s Looking Like the Cybertruck Is the Biggest Flop in Automotive History