The Tesla joke continues: Tesla Asks Model 3 Reservation Holders for Another $2,500 to Order Their Cars.
- Would-be Model 3 owners already put down a $1,000 refundable deposit to “reserve” one of Tesla’s Model 3s. Those reservation holders must pay an additional $2,500 to turn their reservations into an order, at which point the original $1,000 deposit goes toward the overall payment for the car. Buyers can cancel their orders within three days for a full refund, the company confirmed, but after that their money is Tesla’s for good.
- Buyers who confirm won't immediately get a specific delivery date, but Tesla's email says delivery could happen "in as soon as 2-4 months." [As soon as 2-4 months or as long as?]
- The company has not yet manufactured a base-model version of the Model 3, which it has promised to sell for $35,000. Instead, it's produced versions with premium features, such as longer range, a higher top speed and all-wheel drive, which cost between $49,000 and $72,000. [Want a base mode? Good luck with that.]
- Goldman Sachs is skeptical that Tesla can make good on all of its ambitions near term. This week, the firm issued a note reiterating a sell rating on Tesla's stock, recapping the company's history of missed production goals and noting that investors are beginning to focus not on short-term bursts of vehicle production, but on: sustainable, high volume manufacturing; vehicle profit margins; and whether or not Tesla can get customers to buy its highest-priced cars.
The sane thing to do is cancel the order and demand your money back. That was the first of thousands.
Mike "Mish" Shedlock