Tesla says its Model 3 reservations are on the rise

Article by Christian A., on May 13, 2017

Notwithstanding Tesla’s effortless marketing and anti-selling initiatives, its CEO, Elon Musk has finally announced that paid reservations for the Tesla Model 3 continue to go up every week. After commencing the reservation procedures barely a month ago, the CEO once shared that the company has already taken about 400,000 pre-order reservations. Since discussing these numbers however, Musk no longer wants to share the exact figures. He explained that if he does this, many people will speculate or make wrong assumptions on what’s going to happen next.

In the recent 1st quarter earnings call, Musk neither answered directly nor tried to eschew the inquiry. Instead, he replied by saying that although he’s not willing to share the actual number, the reservations continue to climb on a weekly basis. That is, in spite of their attempts to encourage their customers to buy the Model S instead of the Model 3.

When asked to provide the exact number of reservations, the CEO said that the problem lies in the probability that people will run off and make all kinds of conclusions based on the number and he thinks that this isn’t “predictive” of the future. He also mentioned that these people aren’t even allowed to test-drive a Model 3 and that the company doesn’t do a thing to sell the Model 3 but increasingly more reservations are made every week.

Incidentally, there has been absolutely zero advertising created for the Model 3. This is something that we think is quite astonishing. Musk also mentioned that what the brand does is actually to “anti-sell” the Tesla Model 3. Rather, its sales people urge those who enter their showrooms to get either a Model S or a Model X. The CEO made these remarks as lifted the S&P Capital transcript courtesy of The Motley Fool.

No one knows for the time being what the real number is though. If the first figure they revealed stands at 400,000 and it goes up every week, then the potential appears endless. Otherwise it could have gone down at some point, has fairly increased in due time and now it remains to go up each week. Who knows?

Tesla introduced its low–cost Model 3 in 2016 and announced a minimum reservation cost of $1,000. The affordable sedan was promoted with almost zero advertising while no customer has ever tried to test drive the EV for once. Regardless, the supposedly increasing pre-orders is a good indicator for the success of Tesla’s future EV range.

Source: The Motley Fool

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