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  • William Maley
    William Maley

    Tesla's Increasing Amount of Model 3 Reservation Refunds

      The Pandora Box known as the Model 3 continues to dole out the pain

    Over two years ago, hundreds of thousands of people put down $1,000 deposit to order their very own Tesla Model 3 with the hoping of getting it in 2018. Flash forward to now and a growing number of those have been asking for their money back.

    Second Measure, a company that analyzes billions of dollars in anonymized credit and debit card purchases to determine various trends said in a post today that 23 percent of reservation-holders have asked for a refund as of April, a noticeable increase from 12 percent last August. Contrast this with only 8 percent of holders that have configured a Model 3 for production. The remaining 69 percent is a mixture of those waiting for their turn to configure their vehicle and those who are waiting for a refund - numbers Tesla only knows.

    A Tesla spokesperson told Recode that their internal data "does not align" with Second Measure's data, but would not go into specifics into as to how far off.

    Tesla has been struggling with Model 3 production for some time, pushing back production targets several times. At the moment, Tesla is targeting "approximately 5,000 Model 3's per week in about two months."

    Source: Recode, Second Measure

    Edited by William Maley

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    Add to that a very combative Stockholder meeting and Musk has some issues to face big time.

    https://www.autoblog.com/2018/06/04/elon-musk-tesla-stockholder-challenges/

    The lawsuits over compensation of their sales force and the monthly moving targets so it is hard to make money says Tesla has some major problems. Tesla Shortchanging their sales staff makes ya question Musks management capability.

    https://jalopnik.com/why-teslas-sales-staff-say-theyre-behind-shortchanged-i-1826206999

     

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    A-HA, I thought as much.

    And if I'm reading the above correctly, the '23%' is those who have had their cancellations processed; the true number is obviously higher. I would seriously not be surprised if the eventual cancellation rate approached 40%. It takes a very unique nutball to wait 3 or more years to get their order filled - that's insane.

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    Elon Musk counted his chickens before they hatched.  No wonder so many people are demanding refunds for model 3s that will not appear until 2021 at best.  They would all be better off buying a Chevy Bolt, or at the least a hybrid Cadillac.

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