Tesla Faces Cybertruck Refunds

It's Benzinga, bringing Wall Street to Main Street. Tesla will refund Cybertruck deposits to many customers because orders exceed production capacity as the automaker prepares to shut down production at its Texas factory, according to Reuters. In a post on X on Monday, CEO Elon Musk said Tesla will produce as many Cybertrucks as possible before shutting down the production line in about eight months, but will have to refund deposits to many customers. The announcement follows Musk's decision last week to wind down Cybertruck production at its Texas factory by mid-2027. Tesla plans to add an extra shift to fulfill outstanding orders before dismantling the line to expand production of its Cybercab robo-taxi. Tesla began delivering the Cybertruck in late 2023, but demand has fallen short of expectations. U.S. sales dropped 48% to 20,237 vehicles last year, well below Musk's earlier projection of 250,000 annual sales. For all things money, visit Benzinga.com.