Tesla claims 1800 Model 3 orders daily; S and X up, too

Tesla on Wednesday said production was on track to hit its targets, and that over 1,800 vehicles were being ordered daily on net.

In its earnings letter for 2017 Q2, the company revealed how the process will work, TechCrunch reported.

Infineon, which provides chips to control the batteries and motors in eight from ten of the world's leading selling electric vehicles, validated its parts would go into the Model 3, which is now increasing for volume production in 2018. "In fact, this has turned out to be the opposite situation - Model S and X increased".

Tesla has received 500,000 orders for the Model 3.

The newest-model Tesla has a starting price of $35,000, compared with the company's Model S, which starts at $68,000, and the Model X, which starts at $82,500. Tesla has not given guidance for Model 3 sales in Q4, due to the number of variables associated with their S-curved production ramp of the vehicle.

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Shares in the automaker popped more than 7% on Thursday, a day after Tesla reported second quarter earnings that saw revenue double and the net loss attributable to shareholder expand to $336.4 million from $293.2 million in the same period a year ago. In a conference call later in the week, he clarified the number to be closer to 450,000 after admitting they have had a significant amount of orders canceled in the last few months.

Since last Friday (July 28), Musk said the company has averaged 1,800 orders per day despite the cancellations. Revenue reached $2.8 billion, up from $1.3 billion a year ago. "We're also very confident about costs". Both models have seen increased demand up to and after the Model 3 handover event.

The demand for the new Model 3 sedan from Tesla Inc (NASDAQ:TSLA) continues to grow, but so do cancellations of orders for the affordably priced electric vehicle. It's also possible, however, that Musk, who earlier this year called TSLA stock expensive, was telling the truth.

Elon Musk has thanked his management team for pulling him "back from the cliff of insanity", and encouraging him to design the upcoming Tesla Model Y on the same platform as the newly-launched Model 3.

"The journalists were doing test rides, and about 80 percent said they'd buy the auto themselves", he said, noting that he remaining 20 percent said they "probably" would.

  • Rita Burton