Musk says Tesla will refund some Cybertruck deposits, defends decision to end production

Tesla CEO Elon Musk is defending the Cybertruck and the company’s decision to stop producing the polarizing steel-clad truck, claiming that the order rate far exceeds its production. Tesla will shut down production of the Cybertruck in about eight months Musk said in an X post on Monday. He also said the company will try to make as many of the vehicles as possible before then, though Tesla will “have to return deposits for a lot of people.” Musk argued the Cybertruck was not unprofitable, and that Tesla was ending production because the “opportunity cost of the complexity of Cybertruck is vastly outweighed by the value of incremental Cybercab production.” In other words, Musk is arguing that Tesla can make more money by using the factory space and resources dedicated to…