• Tesla’s new rear-wheel-drive Cybertruck with only one motor costs $10,000 less but offers poor value for money, argue fans, who say buyers are better off with its dual motor, all-wheel-drive sibling.

Customers waiting to get behind the wheel of a more affordable Cybertruck have, at long last, an entry-level option courtesy of CEO Elon Musk. 

But they may be in for a sticker shock—all told, Tesla shaved only $10,000 off the price of the new rear-wheel-drive pickup while simultaneously stripping away a number of features prized by truck buyers. 

Although it comes with a slight increase in range, overall critical reception was muted at best, given that this third version rounds out the range, which was considered the final chance to reignite interest in what threatens to become a historic flop. 

With eight recalls in just about 15 months of production, the stiff price and perceived poor value for money make it the latest bitter disappointment for a once highly anticipated model that initially seemed poised to become Musk’s next breakout hit.

“We expect little if any incremental volume will be added to [Wall Street] Tesla delivery estimates as a result of the CT RWD addition,” wrote Gary Black, Tesla investor and managing partner of The Future Fund.

We estimate $TSLA will deliver just 20,000 Cybertrucks total in FY’25 vs 37,000 CTs delivered in FY’24. Given just a $10K price discount vs the CT AWD version and the removal of many CT AWD features, we expect little if any incremental volume will be added to WS Tesla delivery… https://t.co/sbzIE0AojM

— Gary Black (@garyblack00) April 11, 2025

What features have been shaved off the new Cybertruck?

Originally slated to start at $39,990 when it was first unveiled in late 2019 — just shy of $50,000 in today’s dollars — the new single motor Cybertruck expected to arrive as early as June weighs in at a chunky $69,990 before any U.S. federal tax credits.

In addition to losing the second motor driving the front axle, buyers can also say goodbye to air suspension, a previously standard feature that lifts up the chassis and helps when driving offroad.

In its place are adaptive coil dampers that do not offer the same high ground clearance combined with a lower towing capability. 

It also swaps out the premium vegan leather seats with ventilation for cheaper cloth and eliminates the rear console display for backseat passengers. 

The motorized hardtop tonneau, which extends from the top of the cab to cover the flatbed at the push of a button, is gone in favor of a soft material that unrolls by hand for a cool $750 added price.

Even the 240-volt power outlet in the bed that makes it attractive to craftsmen has been removed. 

The RWD Cybertruck does come with a longer 350-mile range, but those 25 added miles it gains are effectively a result of its smaller 18-inch rims.

If you upgrade to the 20-inch for an extra $3,500, the range drops back to 331 miles, only six more than the AWD version.

VIN data (Vehicle Identification Numbers) shows that Cybertruck performance version sales returned to normal in Q4 2024. Tesla pulled a clever trick in Q3 2024 to make the Cybertruck profitable for one quarter by holding back performance version deliveries from earlier quarters… pic.twitter.com/ctGdVNsDoO

— Troy Teslike (@TroyTeslike) January 5, 2025

Cybertruck sales could already drop in 2025

With all this content stripped out, even Tesla fans are choking on the price.

Instead of appealing to cost-conscious customers who couldn’t afford the more expensive dual motor or tri-motor, most believe the new single-motor version is designed to intentionally push them into upgrading.

“The AWD trim for $10k more is absolutely worth the extra cost compared to the new Cybertruck,” argued Sawyer Merritt, one of the leading members of the online Tesla community. 

Musk installed enough annual capacity in his Texas plant to build 125,000 Cybertrucks per year, with plans to eventually double that to 250,000 to meet what he claimed to be off the charts demand. 

Since deliveries began in late 2023, only about 46,000 have been sold. A number of analysts previously suggested that the million customers who had put down a deposit for one may have just been waiting for the low-cost entry version unveiled on Thursday. If so, they’re in for a rude awakening. Black estimates Cybertruck volumes will drop to just 20,000 trucks in 2025, in only its second full year of production.

What this means for profits is unclear.

Tesla did say that the truck had achieved a positive gross margin in the third quarter of last year, but retail analyst “Troy Teslike” who tracks production volumes ascribed this to a temporary effect stemming from an unusually large number of high priced models delivered in that period.

Tesla did not respond to a request from Fortune for comment.

This story was originally featured on Fortune.com

• Volatility continued on Wall Street Friday morning. The Dow, Nasdaq and S&P 500 all opened lower, but then reversed course and gained ground as a wild week starts to come to an end.

Stocks opened lower Friday, continuing the volatility that has ruled Wall Street since Donald Trump announced his tariff plan. But it didn’t last long.

After stock futures yo-yoed in the pre-market, the Dow, Nasdaq and S&P 500 indexes all dropped when trading began. Within 20 minutes, however, they were in the green. As of 9:50 a.m. ET, the Dow Jones Industrial Average was up 181 points (0.46%), the S&P 500 jumped 22 points (0.41%) and the Nasdaq index climbed 84 points (0.5%).

That means that within the first 20 minutes of trading, the Dow Jones Industrial saw a swing of more than 350 points.

Stocks started the week higher than they began it, thanks to Wednesday’s market rally. Since the so-called Liberation Day announcements, though, the Dow has lost 6% of its value, with Nasdaq and S&P both down 7%.

This week has been one of the most volatile in Wall Street’s history as uncertainty over trade policies took its toll on a wide swath of companies. Earlier this week, the CBOE Volatility Index spiked above 50. As of the market open, it was close to 45.

The drop on Wall Street follows China’s announcement that it was retaliating against U.S. tariffs, raising its own levies on U.S.-made products to 125% from the previous level of 84%. Chinese officials signaled this was as high as they planned to go, even if the U.S. raises its tariffs against Chinese goods further.

There was some hope for the trade wars to calm some as the trade representative for the European Union plans to fly to Washington on Sunday to “try and sign deals.”

This story was originally featured on Fortune.com

Good morning! AOC wants to ban Congress’s “insider trading,” Meta whistleblower testifies, and Canva’s latest tool would have benefitted its founder.

– Learn to code. When Melanie Perkins cofounded Canva over a decade ago, she didn’t have a technical background. What she had was an idea—a vision for graphic design to be easier for people who weren’t literate in Photoshop, and an understanding that with the rise of social media, communication was becoming more visual.

Her lack of a technical pedigree was a factor in more than 100 VCs’ decisions to pass as Perkins and cofounder (and now husband) Cliff Obrecht sought backing for their business. Sydney-based Canva is now the highest-valued female-founded and -led startup in the world and did $3 billion in annual revenue last year. And its latest product launch could make things a lot easier for the next founder who has a vision, but lacks technical experience.

Canva yesterday announced the debut of Canva Code, a generative AI coding platform that can prototype apps and other products. Users can enter prompts like “build an interactive map of travel destinations” and be presented with the code to add that widget to a project. Perkins tells me she’s been using it to build apps for people’s birthdays—plus quizzes, tutorials, and games.

And while AI-powered coding doesn’t teach people to code, she hopes it plays a role in making coding less intimidating and more accessible—as has been the goal of organizations like Girls Who Code. “It’ll be their entrée into coding, because all of a sudden you can see code that’s generated and go in and edit it. It just starts to unlock people thinking in the land of code,” she says.

Perkins says that “so much” would have been different in the early days of Canva if she had this tool at the time. Now, she’s even close to trusting it to build small features for Canva. “It’s really great at designing single-purpose ideas,” she says. “It completely changed our workflow. … I had an idea on the way home the other day, and I was able to turn into a prototype and then get it user-tested within an hour, which is just completely crazy.”

That’s the reality of the AI era; just before this product rollout, Canva laid off 10 of 12 technical writers, according to the Australian Financial Review. “Every single person is going to have to be upskilling into this new era,” Perkins acknowledges.

In addition to its coding tool, Canva unveiled Canva Sheets, a Google Sheets competitor. Canva’s version incorporates its visual elements and AI studio, allowing users to generate and resize images by the thousands in a spreadsheet.

Perkins says that 230 million people and 95% of the Fortune 500 are now using Canva—and that Canva’s own IPO is still “on the horizon” but there’s “no news” to report.

Every time Canva announces a new suite of products, it calls it its biggest launch yet. Its recent launches have centered around becoming essential enterprise products worth paying for and incorporating AI. It’s taking the next step here, with a wider remit than just competing with Microsoft and Adobe.

Emma Hinchliffe
emma.hinchliffe@fortune.com

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This story was originally featured on Fortune.com