reservation Stories June 7, 2016

Tesla confirmed having received over 400,000 Model 3 reservations since its unveiling in March 2016, but after adjusting for a few cancellations and a bunch of pre-orders removed under suspicions that they were duplicates, the automaker updated the number last month to 373,000 Model 3 reservations.

The interest is higher than Tesla or almost anyone else expected, which is why the company updated its production ramp up plans to 500,000 vehicles in 2018 (Model S, X and 3 combined) instead of in 2020, but even then, CEO Elon Musk said that someone would need to place a reservation soon in order to get a Model 3 by the end of 2018 – implying that it is virtually sold out from its expected launch in Q4 2017 to the end of 2018.

Also, in the US, people hoping to reap the full benefit of the $7500 Federal tax credit will want to get theirs early because the credit drops in half once Tesla sells 200,000 cars of any type.

It makes your place in the Model 3 reservation queue especially important. So far Tesla has been only issuing non-sequential reservation numbers which don’t mean anything as to where you are in line and the company said that the Model 3 will ship (or more precisely will be available for configuration) based on when you pre-ordered it, but now we might have a way for you to have a better idea of where you stand in the queue. expand full story

reservation Stories April 29, 2016

The impact of the Model 3 is being felt in the automotive industry long before it actually hits the market in about 18 months. Since the reveal last month, GM has hinted that the range of the upcoming Bolt will be closer to Tesla’s, Ford announced that it is developing a vehicle to compete with the Model 3 and Fiat-Chrysler might even copy Tesla’s platform.

During his recent visit to Norway, Tesla CEO Elon Musk said that he was surprised by the number of reservations the company received for the $35,000 all-electric sedan and referred to the event as a “wake up call” for the industry. expand full story

reservation Stories April 22, 2016

There’s no denying that the Model 3 is already having an important impact on the auto industry even 18 months before it is set to enter production. The staggering number of reservations it received is sending a clear message to the industry that there’s demand for a compelling long-range electric car in the mid-luxury market.

Apparently, Nissan thinks that the LEAF fits the bill. Don’t get me wrong, the LEAF is an interesting car, but it is also the same price as the Model 3, clearly not a mid-luxury vehicle and the current version shouldn’t be considered “long-range”.

Nonetheless, Nissan just launched a new national ad campaign with a clear goal to try to convince some of the close to 400,000 Model 3 reservation holders to buy LEAFs instead. expand full story

reservation Stories April 7, 2016

Tesla confirmed having received more than 325,000 Model 3 reservations a week after opening the process to the public. The automaker claims that it corresponds to about $14 billion in implied future sales.

The company is calculating “implied future sales” on an estimated average sale price of $42,000 after options and by assuming that everyone who placed a deposit will convert it to an order, which adds up to $13.6 billion. expand full story

In an email sent out last night (see below), Tesla confirmed that following the overwhelming number of Model 3 reservations it received, the company is currently “increasing its production plans to minimize the wait for Model 3” – something Elon Musk hinted Tesla was looking into after witnessing the long lines of people waiting at Tesla’s stores to reserve the $35,000 long-range all-electric vehicle. expand full story

reservation Stories April 4, 2016

Tesla’s stock (TSLA) was up over 4% in early trading this morning after CEO Elon Musk spent his weekend answering questions on Twitter about the newly revealed Model 3 and sending out updates about the number of reservations Tesla is accumulating.

Since Tesla unveiled the vehicle last week, 8 financial analysts issued new notes updating their analysis of Tesla’s outlook and currently the general consensus is a “buy”, but with an average price target of $253 – representing only a ~6% upside. expand full story

reservation Stories April 1, 2016

Tesla CEO Elon Musk confirmed tonight that the automaker has now over 232,000 reservations for its newly unveiled Model 3:

Musk has been updating the public on the Model 3 reservations tally which has blown past the most optimistic predictions. expand full story

Never one to shy away from controversial accounting, Tesla CEO Elon Musk today tweeted his take on the initial Model 3 sales numbers which are at 180K barely 24 hours into sales. By his math, which he estimates an average of $7000 in options on each Model 3 sold and more controversially, counting every Model 3 reservation as a sale, he’s come up with a $7.5 billion payday for Tesla.

Clearly, everyone who put down $1000 yesterday and today isn’t going to buy a Model 3 worth an average price of $42,000. But a huge number of those people will and more importantly, many more people will try to get in early to reap the $7500 tax incentive from the US government over the coming months.

Update: The reservation count is now nearing 200K and we’re likely nearing the end of the $7500 tax credit window.

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reservation Stories March 31, 2016

“I’ll get there an hour early,” I thought to myself. “Maybe there will be ten or fifteen people in line, but I need some time to get photos before the doors open.” I arrive at 9:06 to a packed parking lot and a long line. I’m #56 in line at Tesla’s Cleveland location, one of three stores in my home state of Ohio, and it’s raining.

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We were confident that Tesla’s reservation process would be fairly successful, especially in the US due to federal tax credit cap, but this morning we are blown away by the enthusiasm for a vehicle no one has seen yet.

If you have been following our live updates of the queues at Tesla retail locations this morning, you know that over 13,000 16,000 have been spotted waiting in line to reserve the Model 3 in the US and Canada alone. expand full story

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