Visitors are viewing a Tesla Cybertruck on display in Shanghai, China, on January 31, 2024. (Photo ... [+] by Costfoto/NurPhoto via Getty Images) NurPhoto via Getty Images The Tesla Cybertruck, despite a number of early setbacks and a high price, was the third best selling EV in the U.S. in July, according to S&P Global Mobility. Is it on a roll or is something else going on? The Tesla Cybertruck squeaked out a third place finish in July, according to S&P Global Mobility. Credit: S&P Global Mobility Tesla sold over 5,000 Cybertrucks in the month of July, beating the Ford Mustang Mach-E by a couple of hundred units as the electric car manufacturer ramps up production of the pickup. The Mach-E, with a starting price of around $40,000, has been the third best selling EV year to date through July (see chart below). And in all months through July the Cybertruck is the sixth best selling EV in the U.S. with 17,500 units sold — and not far behind the Ford F-150 Lightning despite the CT’s late start with volume shipments. The question is, why is a vehicle that starts at $100,000 rapidly gaining market share? “I think we need to bear in mind that it is still early for this model,” Tom Libby, an analyst with S&P Global Mobility, told me. “Monthly volumes have grown substantially recently, but we simply don’t know if this will continue or not,” he said. “One theory holds that these relatively strong registrations are just fulfilling all the reservations made a long time ago, and once those are fulfilled, volume will drop. Again, it is still early,” he added. Positive outlook and new take on polarizing design: While it’s not clear if the uptick in Cybertruck sales is a steady trend, Libby has a more positive outlook and changed his opinion of the truck’s polarizing aesthetics. “I will...add that this model fits with Tesla’s image as a leader and Musk’s image as a visionary,” he said. “At first I thought the Cybertruck was ugly but I have changed my mind and I don’t see it as ugly in the sense that the [Pontiac] Aztek is viewed as unattractive,” Libby said. “I see the Cybertruck as exceptionally advanced, providing styling now similar to what we might expect industry-wide years down the road. I think the brand again has demonstrated that it is going to lead and be way out in front of any other players in the industry. From that perspective, I think what he has done is impressive,” he said. MORE FOR YOU