Apparently, Tesla (NASDAQ: TSLA) doesn’t want you selling their new Cybertruck, if you’re able to get your hands on one. At least not in the first year.
A screenshot has been spreading on social media this weekend, purporting to be from the Motor Vehicle Agreement that must be signed when purchasing a Cybertruck. The agreement, based on the screenshot, includes terms related to the resale of the vehicle in the first year of ownership.
Under the terms of the agreement, a purchaser of the vehicle is unable to sell or attempt to sell the vehicle within the first year of owning the vehicle from the delivery date. Any attempt to sell within the first year of ownership requires written approval from Tesla, and requires you give Tesla “reasonable time to purchase the vehicle from you.” Any repurchased vehicle would then be of course subject to mileage discounts, and discounts related to any required repairs.
For those that ignore the terms, language included in the document suggest that they can fine you up to $50,000, or the difference between the amount received for the vehicle and what was paid to the manufacturer, whichever is greater. At the same time, it could prevent Tesla from selling a vehicle to you again.
The terms are specifically for the Cybertruck, suggesting that the Orwellian policy is more related to attempts by the company to stop flipping and scalping of the vehicle that is currently in high demand, rather than nefarious reasons. It has, however, led to an uproar on social media in any event.
Information for this briefing was found via X and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
