$TSLA sold Cybertrucks to its own companies. This isn't a problem with the car, this is a problem with the whole company.

In the fourth quarter of 2025 $TSLA registered 7,071 Cybertrucks in the U.S. A number that went into reports, headlines, and investor presentations.

But of those 7,071 units, 1,279, that is over 18%, were bought by SpaceX. Musk's rocket company. Same owner, different pocket. Add another 60 vehicles purchased through xAI, The Boring Company and Neuralink and you reach 19% of all Cybertruck registrations coming from connected companies.

Without these "sales" Cybertruck registrations would have fallen quarter-over-quarter by 51%.

This smells a bit like an accounting trick.

Musk's promise

In 2019 Musk promised that the Cybertruck would be the best-selling pickup in America. He predicted sales of 250,000 units per year by 2025.

Reality? In the entire year 2025 $TSLA sold approximately 20,300 Cybertrucks. That's 8% of the original promise.

Original price? Musk said less than $40,000. Today's base price? $72,235. An increase of 81% compared to his own promise.

And now the most important part: the real sales pace, after subtracting inter-company purchases, is according to analysts closer to 20,000 units per year. Total, not just for one quarter.

Vojta's thoughts

I'm not making money on $TSLA. And honestly, I don't want to.

The Cybertruck was a meme project from the start. A blocky piece of stainless steel that promised a revolution and delivered a premium pickup at the price of a German sedan.

When the company sells 19% of production to itself so the numbers don't look catastrophic.

$TSLA has real problems. Sales are declining for the third year in a row. $BY6.F has overtaken it as the largest seller of electric vehicles in the world. Margins are under pressure. And a brand that three years ago was synonymous with innovation and aspiration is today toxic in half of the world's markets because of the political activities of one person.

Q1 2026 results come out on April 22. I'm waiting for them with popcorn, not a buy order.

Tesla is a meme stock. It trades on stories, on a tweet, on promises. Fundamentals take a back seat. And that's the biggest risk, because meme stocks can go much higher than you think, but they can also fall much faster and deeper than anyone admits.

The Cybertruck isn't a story about a bad car. It's a story about a company that stopped telling the market the truth and is relying on the market not to find out.

Does anyone hold shares of $TSLA? If so, I'll pray for you on Sunday. ✝️