The Wait for the Tesla Model 3 Just Got A Lot Longer

Aug 02, 2017

Tesla has averaged 1,800 net reservations per day for the Model 3 since CEO Elon Musk handed over the first batch of its new electric cars to employees last week in a splashy company event.

The Model 3 was unveiled in March 2016 and had accumulated 455,000 net reservations prior to the handover event held July 28 at Tesla's factory in Fremont, Calif. To reserve a Model 3, an electric vehicle with a base price of $35,000 and 220 miles of battery range, customers have to provide a $1,000 refundable deposit.

Musk shared the net reservation numbers during an earnings call Wednesday.

Customers who make reservations today are facing a lengthy wait of 12 to 18 months, according to Tesla.

As July 28, Tesla had produced 50 Model 3 vehicles, Musk said in a briefing prior to the event. Thirty of those vehicles went to employees.

Tesla will first sell and deliver the more expensive longer range battery version of the Model 3. Production of the longer range Model 3, which can travel 330 miles on a single charge, has already started.

Customer will deliveries begin in late October with employees getting priority. Deliveries to non-employees will begin in the fourth quarter. Existing Tesla owners receiving first priority, the company said in a letter to shareholders Wednesday.

Production of the standard battery begins in November.

Updated 6:30 pm ET: Added net reservation numbers are now 455,000.

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