Photo: @SawyerMerritt via X
Last week, the Petersen Automotive Museum announced that one of the first Tesla Cybertruck ever produced would be auctioned off during this year's Petersen Gala. The low-VIN Cybertruck sold for $400,000 at auction, which is no small feat. Still, it's far from the $2.5 million fetched by the first GMC Hummer EV Edition 1.
Last week, everyone was excited that the Tesla Cybertruck will be the highlight of this year's Petersen Gala Live Auction event. There were several reasons for that. For once, the unit would have been the first-ever Cybertruck sold to a paying customer. Second, it was also a test of the Cybertruck's popularity, considering how such auctions have proven spectacular in attracting the public's attention.
Following the event, we can now say that Tesla indeed sold the first Cybertruck to a customer, and it did so for an absurd amount of money. This is a triumph for the electric pickup and Tesla, considering that the Cybertruck auctioned off had nothing special to earn its money. It wasn't the coveted VIN 001 unit usually auctioned off at charity events. It had no exclusive equipment and wasn't advertised in any way. Heck, it wasn't even present. Instead, the attendees placed their bids in front of a design sketch displayed on screens.
This may explain why the Cybertruck failed spectacularly in raising more money at auction. The $400,000 winning bid might be high for a run-of-the-mill Cybertruck, but it's nothing compared to what other cars have fetched. The VIN 001 GMC Hummer EV sold at auction in March 2021 for a whopping $2.5 million, while its brother GMC Hummer EV SUV with VIN 001 fetched $500,000 in January. Both vehicles were auctioned for charity, unlike the Cybertruck, which was sold to raise money to support the Petersen Museum's activities.
The final price of the Cybertruck is not only significantly less than that of other VIN 001 cars but also well below expectations. In the days before the Petersen Gala, people were talking about $1 million bids. Considering that the cheapest seat at the event was $1,750, the expectations were high that attendees would open their wallets wider. Perhaps an actual Cybertruck unit on stage would've encouraged more people to place bids, raising the price further.
Even so, the highest bid is undoubtedly several times higher than the truck's price. Tesla is keeping this under wraps, but Elon Musk hinted that the Cybertruck should be more affordable than the Ford F-150 Lightning or at least offer more value for money. Either way, it will not cost more than $100,000, even for the upper trims.
Many people asked why Tesla did not offer the VIN 001 Cybertruck for this auction. One of the reasons could be that it reserved the first production unit for a more charitable cause. Still, based on past experience, I can assume Elon Musk will keep the VIN 001 for himself. After all, he did so with some of Tesla's VIN 001 cars in the past, including the original Roadster that he drove.
Following the event, we can now say that Tesla indeed sold the first Cybertruck to a customer, and it did so for an absurd amount of money. This is a triumph for the electric pickup and Tesla, considering that the Cybertruck auctioned off had nothing special to earn its money. It wasn't the coveted VIN 001 unit usually auctioned off at charity events. It had no exclusive equipment and wasn't advertised in any way. Heck, it wasn't even present. Instead, the attendees placed their bids in front of a design sketch displayed on screens.
This may explain why the Cybertruck failed spectacularly in raising more money at auction. The $400,000 winning bid might be high for a run-of-the-mill Cybertruck, but it's nothing compared to what other cars have fetched. The VIN 001 GMC Hummer EV sold at auction in March 2021 for a whopping $2.5 million, while its brother GMC Hummer EV SUV with VIN 001 fetched $500,000 in January. Both vehicles were auctioned for charity, unlike the Cybertruck, which was sold to raise money to support the Petersen Museum's activities.
The final price of the Cybertruck is not only significantly less than that of other VIN 001 cars but also well below expectations. In the days before the Petersen Gala, people were talking about $1 million bids. Considering that the cheapest seat at the event was $1,750, the expectations were high that attendees would open their wallets wider. Perhaps an actual Cybertruck unit on stage would've encouraged more people to place bids, raising the price further.
Even so, the highest bid is undoubtedly several times higher than the truck's price. Tesla is keeping this under wraps, but Elon Musk hinted that the Cybertruck should be more affordable than the Ford F-150 Lightning or at least offer more value for money. Either way, it will not cost more than $100,000, even for the upper trims.
Many people asked why Tesla did not offer the VIN 001 Cybertruck for this auction. One of the reasons could be that it reserved the first production unit for a more charitable cause. Still, based on past experience, I can assume Elon Musk will keep the VIN 001 for himself. After all, he did so with some of Tesla's VIN 001 cars in the past, including the original Roadster that he drove.
BREAKING: The Cybertruck auction at the Petersen Museum reportedly went for just $400,000
— Greggertruck (@greggertruck) October 8, 2023
Here is some of the auction!!! pic.twitter.com/YPrweLxG9c
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