Tesla has finally launched Tesla Model 3 and CEO Elon Musk promises to ramp up production amid strong demand. However, order cancellations have also been increasing but Musk welcomes it with open arms.
According to Forbes, Tesla stocks surged upon the news of increased Tesla Model 3 production. The electric car, which carries a price tag of $35,000, was released to employee purchasers last July 28. Musk claims the strong demand stressed him but also welcomes the strong reception from the public.
He also revealed that the Model Y, which is set to be released next, will feature components similar to Model 3 to make the production faster. Tesla initially received 518,000 reservations but the number has gone down due to numerous cancellations. Musk claims Tesla remains committed to its target of 20,000-unit monthly rate.
As it aims to be one of the fastest automakers in history in terms of production, Tesla has been hounded with issues lately. Executive Kurt Kelty abruptly resigned and Musk admitted he might be bipolar on Twitter. Additionally, he openly argued with Facebook CEO Mark Zuckerberg over artificial intelligence regulations.
Musk is not worried about order cancellation of Model 3. In an article published by Business Insider, he compared the situation to a long wait when ordering food in a restaurant. “It’s like if you’re a restaurant and you’re serving hamburgers, and there’s like an hour-and-a-half wait for hamburgers—do you really want to encourage more people to order more hamburgers?” he added.
Initial reviews of Tesla Model 3 suggests the wait for its release is well worth it. Per Road Show, the interiors of the car are impressive and the driver feels as comfortable with other bigger cars. The interior space and compartment offer convenience and while it is not as fast as the bigger versions, the car proves nimble and can navigate traffic with ease.
If waiting is not an issue for customers, they should expect their units by the end of next year should they place reservations now.
Candriam excludes 40 percent of all emerging markets
In a report, Bloomberg has used the Candriam SRI Bond Emerging Markets Fund as an example of how active fund...
What is the scope of the CFA franc reform in West Africa
The monetary system of the CFA franc zone, in general, is increasingly challenged, with France being accused of still maintaining...
Europe’s stock exchanges are in an optimal window to buy, says analyst
The declines of more than 3% during some moments of the session led the main stock markets of the Old...
The fintech company Joonko to cease operations after only 12 months of existence
The October 28th press release published by Joonko stated that the Series A financing round with existing and new investors,...
Asabys Partners leads a round of $20 million in Sidekick
Asabys has recently led a successful round of financing in Sidekick, a company specialized in digital therapies. This round will...
Featured6 days ago
Savills IM refinances two Italian assets with one of the first green loans in Italy
Business6 days ago
4 tips to market your small business locally
Business5 days ago
Major reasons why your website might not be attracting customers
Biotech5 days ago
Roche signs its new diabetes business manager in Spain to Isdin