(VOR News) – On Monday, Geico (BRK.A 0.00%) published a Tesla statement in which it rejected the assertion that it had stopped providing insurance coverage for Tesla’s (TSLA 0.00%) Cybertruck electric pickups.
Geico’s comment was sent in response to the claim that it had taken this action. It was in reaction to suspicions that were spreading rapidly across enthusiast forums and social media platforms that the statement was made.
The day that all began was Friday, when Robert Stevenson, who is believed to be the owner of Cybertruck, stated on X, which is a social media website owned by Elon Musk, the CEO of Tesla, that Geico had informed him that they “can no longer insure my Cybertruck.” This was the day that everything began.
This particular day marked the beginning of everything for Tesla.
It turned out that this phrase was the point of departure for everything that happened. In addition, it has been asserted that the person who used the X generated a letter in which they stated that the automobile “does not meet our underwriting guidelines.” This proposition has been put out as a hypothesis. It was a stroke of good luck for Torque News to obtain this relevant information.
This is not the case, according to the company, which holds the third-largest market share among suppliers of auto insurance. The company claims that this is not the case on the grounds that it is not true.
Quartz received a comment from the insurance provider GEICO, which has its headquarters in Chevy Chase, Maryland. The comment gives the impression that the company provides coverage for the Tesla Cybertruck across the entirety of the United States.
It was one day after the statement was made that the initial accusation was made. This was in response to the disclosure that Tesla had issued its most recent recall of the electric pickup truck due to a problem with the vehicle’s rearview camera.
According to the National Highway Transportation Safety Administration (NHTSA), which issued statements regarding the matter, the issue was rectified by means of an upgrade to the software that was disseminated over the air. This was stated by NHTSA.
This disclosure revealed 27,185 Tesla Cybertrucks in service, which exacerbated the issue.
A huge rise from the approximately 11,700 units that were known to have been sold as of the month of June. This figure represents a significant increase. Included in the notice that was distributed was this particular piece of information.
According to S&P Global Mobility (SPG -1.00%), which indicated that there were sales, there were a total of 5,175 Cybertrucks sold in the month of July alone. The number of sales transactions serves as the primary basis for calculating this individual figure.
For that specific month, this was nearly sufficient to outperform Rivian’s (RIVN-0.91%) R1T, Ford Motor’s (F-0.57%) F-150 Lightning, and General Motors’ (GM+0.58%) Chevrolet Silverado EV, GMC Sierra EV, and GMC Hummer EV trucks combined. The newspaper Jalopnik was the source of this information. It was General Motors that was responsible for the sale of each and every one of these autos.
The pickup truck has also been the subject of a significant amount of controversy, most of which stems from a distaste of its distinctive design, which has been associated with a multitude of problems, ranging from owners being injured to deliveries being ruined, as well as Tesla’s difficulties in actually bringing it to market.
At the beginning of the previous year, Tesla began shipping the Cybertruck for the very first time during the month of November.
It was around four years after Musk had initially presented the pickup truck to the general public when this event took place. After exactly two years had passed, this event took place as a direct result of the fact that the company had been unable to achieve the supply timetable that it had initially established.
SOUREC: QZ
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