Tesla to 'wind down' production of flop Cybertruck

Elon Musk's electric pickup for the future will start to be consigned to the past next year. The Cybertruck's bulk and crude shape meant it could only pass regulatory standards in more permissive markets.

Tesla owner Elon Musk said on Friday that the company would scale down production of the Cybertruck at its Austin factory in the coming year. The South African entrepreneur said Tesla would be scaling back production of his futuristic but often-mocked pickup truck and amping up production of what he hopes will soon become a fleet of fully automated taxis.

"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 said on his X social media site. The announcement follows a bruising week for Musk amid the US midterm elections , where Republicans struggled despite his major donations, with his companies losing billions in value by market capitalization as investors sought to ditch stock.