24% of Tesla Model 3 Orders Cancelled, Cancellations Outnumber New Orders
Guest ROTFLMAO! by David Middleton
From the purveyors of Fake News…
24% of Tesla Model 3 orders have been canceled, analyst says
by Jordan Valinsky @CNNMoney
July 19, 2018
Tesla is finally making enough Model 3s — but an analyst says many customers are growing too impatient to wait any longer for them.
Cancellations for Model 3 orders have picked up in recent weeks. Refunds now outpace deposits for Tesla’s new mass-market electric car, according to Needham & Co. analyst Rajvindra Gill. Tesla disputes that.
In an analyst note delivered to clients Thursday, Gill cited extended wait times for the car, the expiration of a $7,500 tax credit, and the fact that Tesla has not yet made the $35,000 base model of the car available for purchase yet.
About one in every four Model 3 orders is canceled, Gill said, double the rate from a year ago. Customers have to put down a refundable $1,000 deposit to reserve a Model 3, then pay another $2,500 to choose their specific version. They pay the rest when the car is delivered.
The wait time for a Model 3 is about 4 months to a year, and base model customers could wait until 2020, Gill said.
A Tesla spokesperson denied that Model 3 cancellations exceed new orders.
Who do you believe?
Stark Industries Tesla, CNN or the Wall Street analyst?
Tesla has finally topped 5,000 Model 3 units per month, delivering 6,250 and 6,062 in May and June respectively. Tesla’s monthly Model 3 output is now up to about 55 hours worth of Ford F-Series production.
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