Benzinga - by Anan Ashraf, Benzinga Editor.
After a Porsche dealer reportedly bought a Cybertruck earlier this week, so has Dearborn-based Ford Motor Co. and Tesla CEO Elon Musk is seemingly positive about the purchase of its stainless steel vehicle by rivals.
What Happened: Ford reportedly bought a Cybertruck for $250,000 and is testing it at its proving grounds near Detroit, as per Tesla enthusiast Sawyer Merritt. Benzinga was not able to independently verify this claim.
The news comes on the heels of media reports that a Porsche dealership has likewise purchased a Cybertruck. However, it is unclear whether the purchase was for reselling or for the company itself.
Musk deems these alleged purchases a positive. On Thursday, he opined that Ford’s purchase of the Cybertruck would be “worth it” and that Porsche could discover a “lot of new technology” if they take it apart. Porsche has “some ways to go with electric” as compared to their combustion vehicle engineering, Musk added.
Worth it— Elon Musk (@elonmusk) March 1, 2024
Did they?I have a lot of respect for Porsche engineering, although they have some ways to go with electric to match their combustion skills.
When they take it apart, they will discover a lot of new technology.
— Elon Musk (@elonmusk) February 29, 2024
Why It Matters: The higher-end version of a Cybertruck is priced at about $100,000. The alleged purchases by Porsche and Ford were made at a premium and are in violation of a clause from Tesla’s Motor Vehicle Order agreement.
A clause within the agreement prohibits buyers from reselling the Cybertruck within a year of taking delivery. If a buyer still wants to sell, they must inform the company in writing and Tesla will buy it back from the driver. Even if Tesla does not agree to buy back the vehicle, the driver will still need written consent from Tesla to resell to a third party, as per the clause.
In case of breach of the said clause, the buyers could be charged a penalty of $50,000 or more, the company said.
“You agree that in the event you breach this provision, or Tesla has a reasonable belief that you are about to breach this provision, Tesla may seek injunctive relief to prevent the transfer of title of the Vehicle or demand liquidated damages from you in the amount of $50,000 or the value received as consideration for the sale or transfer, whichever is greater,” the agreement reads. Tesla may also refuse to sell any more vehicles to the buyer as per the paperwork.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: ‘They Clearly Have Great Taste:’ Tesla CEO Elon Musk Thrilled By Growing List Of Celebs Buying Cybertrucks With No Discounts Or Paid Promotions
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