Tens of thousands of people have canceled their Tesla Model 3 orders
Bryan Logan/Business Insider
Total orders for the entry-level electric luxury sedan dropped from about 518,000 to 455,000, Musk said, but he suggested the cancellations were merely a drop in the bucket, because the company has averaged about 1,800 new Model 3 reservations per day since Friday, when the first 30 cars were handed over to Tesla employees.
Customer deliveries will begin this fall.
Musk took the cancellations in stride, saying Tesla could drive up the Model 3's reservation queue with little effort, but he said, at this point, it wouldn't serve the company or its growing legion of potential customers.
"It's like if you're a restaurant and you're serving hamburgers and there's like an hour-and-a-half wait for hamburgers - do you really want to encourage more people to order more hamburgers," Musk said. People who put down a deposit for a Model 3 at this point likely won't see their cars until the end of 2018, according to most estimates.
Tesla aims to produce 20,000 Model 3 cars per month by December, a journey Musk bluntly described as "production hell" during the handover event at the Tesla factory in Fremont, California, last week.
Get the latest Tesla stock price here.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market