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Elon Musk states Tesla must refund deposits for the Cybertruck because orders far exceed production capacity. The company will try to build as many as possible before shutting down the line in about 8 months, with production ceasing in mid-2027. Musk claims this pivot prioritizes the Cybercab robotaxi over the vehicle.
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Summary by ByteBrief

Tesla Refunds Cybertruck Deposits Before Shutdown

Elon Musk says Tesla plans to wind down production of the Cybertruck at its Texas Gigafactory in mid-2027 "to make room for increased Cybercab production" (Kana Inagaki/Financial Times)
Tesla's Polarizing Cybertruck to Wind Down Production Amid Slow Sales