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Refunds Climb on Deposits for Tesla Model 3 Orders
Tesla Inc. says it has some 450,000 deposits in hand for its Model 3 electric sedan. But an outside analysis claims refunds of the $1,000 pre-orders are surging.
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Tesla Inc. says it has some 450,000 deposits in hand for its Model 3 electric sedan. But an outside analysis claims refunds of the $1,000 pre-orders are surging.
The pace of new deposits has been steady since last October, according to Second Measure Inc. The San Mateo, Calif.-based company tracks consumer trends by analyzing anonymized purchase records.
But Second Measure says the rate of refunds has doubled this year. That means Tesla is now returning twice as many deposits as it is collecting. The carmaker says its data indicates otherwise.
Tesla has struggled to overcome production snags and reach its targeted output rate of 5,000 cars per week. Even at that pace, it would take the company about two years to fill the preorders it still has.
The carmaker began taking deposits for the Model 3 two years ago. Second Measure calculates that 23% of those preorders have been canceled to date. The firm estimates only 8% of depositors have moved on to the purchase phase by paying an additional $2,500 and configuring their car.
Customers typically receive their vehicles within a few weeks of being invited to configure them, according to the analysis.
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