Tesla stock slips as Cybertruck refunds loom after production shift

Elon Musk said on Monday, November 9, that Tesla will have to refund Cybertruck deposits for many customers because orders exceed the number of vehicles the company can build before the Texas production line closes. Reuters reported the comments after Tesla announced plans to wind down Cybertruck production and redirect capacity toward its Cybercab robotaxi.

Tesla stock traded at 332.48 euros on Lang & Schwarz at 14:07 CET on Tuesday, November 10, 1.17 percent below the Xetra close of Monday, November 9. The comparison uses the previous Xetra session because the German market had not yet reached its regular closing point.

Capacity, not profitability, drives decision

Musk said Tesla would try to produce as many Cybertrucks as possible before shutting down the line in about eight months, but that the order backlog was too large to fulfill completely. He also said the company would add an extra production shift to process more outstanding orders before dismantling the line.

The chief executive rejected the argument that the decision reflects an unprofitable vehicle. His explanation was that the complexity of the Cybertruck carries a greater opportunity cost than the additional Cybercab output Tesla could obtain by using the factory space and associated resources for the autonomous vehicle.

The production wind-down is planned for about the middle of 2027. Tesla has not said how many deposits will be refunded, which customers will be affected or how much the refunds will total. That leaves the financial effect of the transition open, even though the operational direction is clear: manufacturing capacity is moving away from the electric pickup and toward autonomous-driving ambitions.

Cybertruck demand remains hard to convert

Reuters said US Cybertruck sales fell 48 percent to 20,237 vehicles in 2025, according to Kelley Blue Book. That result was well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles. The gap between the projection and realized sales helps explain why production allocation has become a strategic issue, although Tesla has not quantified the expected financial benefit from the Cybercab shift.

For investors, the change creates two competing readings. Redirecting a complex production line could improve the return on scarce factory capacity if Cybercab demand and manufacturing economics develop as Tesla expects. At the same time, refunding customers and ending Cybertruck production sooner than planned could weigh on the brand, after the model's launch had positioned it as a major new vehicle program.

The broader US market remains the relevant trading backdrop for Tesla stock; investors can follow the S&P 500 for the wider equity context.

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