A new reports finds that nearly a quarter of those who pre-ordered the Tesla Model 3 have cancelled their reservation. ^
Tesla was inundated with pre-orders for the plug-in sedan following its unveiling in 2016, and within weeks, had some 373,000 make a $1,000 deposit to reserve a spot in line for one. But it appears that momentum is waning.
According, a whopping 23 percent of all Model 3 reservations have been canceled! And that figure doesn’t include those who have canceled but haven’t received their refunds yet.
The data firm, which uses credit card and debit card information to generate its data, found that the highest percentage of Model 3 refunds occurred in April 2018, the same month that Tesla announced a temporarily halt of the car’s production.
Second Measure has proven to be an accurate and credible source in the past. In summer 2017, it estimated that 12 percent of Model 3 orders had been canceled, a figure that was later confirmed by Tesla CEO Elon Musk.
The fact that the initial support in Tesla’s entry-level EV is waning shouldn’t come as a surprise, however, considering the long delivery delays caused the company’s struggles to ramp up production. Tesla originally planned to build 5,000 units of the EV per week during 2017 but managed to deliver just 8,180 units in three months.
Although somewhat concerning, the cancellations aren’t likely to give Musk a panic attack. Tesla currently has more than enough Model 3 reservations to keep its factory running for several years, and there is still a chance that those who cancelled their reservations could return once production picks up.
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