In a new SEC filing Tesla Motors reveals that the company received 373,000 orders for the Tesla Model 3.
Elon Musk said in late April that Tesla Motors has almost 400,000 Model 3 orders. A new SEC filing reveals the actual number of Model 3 reservations as of May 15. Tesla Motors holds deposits for 373,000 Model 3 reservations. The filing says that 8,000 customers canceled their reservation and the company removed 4,200 orders from speculators.
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Tesla Motors received 385,200 Model 3 orders and 373,000 remain as of May. This means that the Model 3 reservations have did down, which is not surprising giving the long anticipated wait time until a Model 3 delivery that is reserved now.
As reported, Tesla Motors has warned in an earlier SEC filing that the company has no experience in mass production of cars. The company hired an Audi manager who does, to help with that. Tesla Motors has hired Audi Manager Peter Hochholdinger as its new VP of Vehicle Production. Mr. Hochholdinger has the experience to mass produce cars. He managed the production of 400,000 cars annually.
Production of the Model 3 is planned to begin in 2017 with first customer deliveries taking place in late 2017. Because of the the surprising demand for the Model 3, the company has decided to advance the 500,000 total vehicle build plan (combined for Model S, Model X, and Model 3) to 2018, two years earlier than previously planned.
Tesla revealed the Model 3 reservation number in a prospectus to sell 9,577,900 common stock of Tesla Motors to raise funds to ramp up the Model 3 mass production. The share sale is raising about $1.4 billion.