Tesla Averaging 1800 New Model 3 Reservations Per Day

Analysts had wondered whether a steady stream of news reports about Tesla's production challenges would put a dent in the company's earnings, but the company's numbers surprised observers Wednesday.

The company worked to calm analysts' concerns that it might struggle with production of its Model 3, restating that it is on track to hit previously announced targets.

The company said it is set to produce over 500,000 Model 3 vehicles annually. They already changed the concept that electric cars are boring and slow with their previous model and the model 3 is going to be incredibly fast but it is also going to be so affordable starting from $35,000.

"In addition to the increased orders for Model S and Model X, customer response to Model 3 has been overwhelming". Revenue of $2.79 billion also beat expectations.

The American brand recorded a total revenue of £2.12bn in the second quarter of this year, compared with £989m for the same period in 2016. In a conference call later in the week, he clarified the number to be closer to 450,000 after admitting they have had a significant amount of orders canceled in the last few months.

"I want to emphasize you can't see the auto unless you want to look at pictures online", Musk said.

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Chief executive Elon Musk said last week that the company would go through at least "six months of manufacturing hell".

Model S and X are still important to the brand, even in the wake of the Model 3 launch. "In July, our weekly net order rate for these vehicles was about 15% higher than our Q2 average weekly order rate", the letter said.

Also on Thursday, Consumer Reports said GM's Chevrolet Bolt electric vehicle, priced at $US37,495, reached 250 miles (402km) on a single charge, beating out Tesla's 2016 Model S 75D and 2016 Model X 90D.

Tesla has repeatedly spoke of the differences between the Model 3 and the Model S, stressing that the Model 3, despite its name, is not meant to be an improvement over Model S or a newer version of an older model.

On the call, Musk said debt would be more likely than an equity raise if more capital is needed.

He's not wrong about the wait, though: If you place a reservation right this very minute, you probably won't get your vehicle until the middle of 2018 or even later, Wired.com notes. "I've never seen anything like it".

(Copyright © 2015. All Rights Reserved.)
 
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