• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 4 mins Would bashing China solve all the problems of the United States
  • 24 mins Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 1 min Let’s Try This....
  • 1 hour COVID 19 May Be Less Deadly Than Flu Study Finds
  • 2 hours 60 mph electric mopeds
  • 13 hours New Aussie "big batteries"
  • 3 hours China to Impose Dictatorship on Hong Kong
  • 17 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 2 hours Pompeo's Hong Kong
  • 31 mins Monetary and Fiscal Policies in Times of Large Debt:
  • 2 days Nothing can shake AMLO’s fossil-fuel fixation
  • 13 hours Backlash Against Chinese
  • 2 days Iran's first oil tanker has arrived near Venezuela
Putin To Bail Out Russian Oil Industry

Putin To Bail Out Russian Oil Industry

Russia’s President Vladimir Putin has…

Damir Kaletovic

Damir Kaletovic

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Oilprice.com and several other news…

More Info

In Rare Move, Musk Reveals Weekly Production Numbers

It seems we didn't have to wait too long for Elon Musk's reaction after the note written by top Wall Street analyst Rajvindra Gill from Needham claiming that Tesla is getting more Model 3 cancellations than new orders.

Although it might be a rather unusually transparent move, Musk has revealed Tesla's new order breakdown from last week to defeat the claims that demand for the Model 3 is flattening.

According to Musk, Tesla received over 7,000 new orders--over 2,000 for Model S and Model X, and 5,000 for Model 3.

Gill noted that refunds are outpacing deposits as cancellations accelerate because of extended wait times, the expiration of the $7,500 credit, and unavailability of the $35k base model.

"In August '17, TSLA cited a refund rate of 12%. Almost a year later, we believe it has doubled and outpaced deposits. Model 3 wait times are currently 4-12 months and with base model not available until mid-2019, consumers could wait until 2020," Gill added.

Tesla immediately reacted to Gill's note on Thursday saying that the notion that Model 3 cancellations are outpacing orders is unequivocally wrong, Musk obviously wanted to make it more clear, confirming last week’s new order rate on Twitter: "Dunno where this bs is coming from. Who knows about the future, but last week we had over 2000 S/X and 5000 Model 3 *new* net orders."

Musk's move is pretty unusual because the company generally releases delivery and production numbers only at the end of each quarter.

Orders for Model 3 last week came several weeks after Tesla invited all reservation holders in the United States and Canada to order the electric sedan that is necessary for his survival. Tesla is banking on Model 3 production ramp-up and sales to turn in its first ever profit, while may analysts continue to doubt that the EV maker can become profitable as it burns a lot of cash in the process.

By Damir Kaletovic for Oilprice.com 

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News