Tesla Model 3 latest reservation count: 518k gross, 455k net after cancellations

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The latest Tesla Model 3 reservation count pegs the number at 518,000 gross reservations and 455,000 units after cancellations. The latest number was confirmed by Tesla CEO Elon Musk during Wednesday’s questions and answers portion of the company’s 2017 second quarter earnings.

Musk noted that the net 455,000 Model 3 reservations occurred over the course of the year and includes Model 3 cancellations, but has continued to see net gains of roughly 1,800 Model 3 reservations being placed per day since last Friday’s Model 3 Delivery Event.

Up until the delivery event, rumors of Model 3 reservation counts exceeding 400,000 remained largely unconfirmed by the Silicon Valley-based electric car maker. Today’s announcement of 518,000 gross Model 3 reservations is inline with Musk’s “zero concern” that the company will be able to hit a production rate of 10,000 cars per week by the end of 2018.

As Tesla continues to build out Model 3’s production line at the company’s Fremont, California factory, actual vehicle production will follow a S-curve wherein a quick ramp up in production is followed by steady-state. This is then followed by another exponential ramp up in production.

Tesla unveiled over 30 production Model 3 vehicles on July 28 at its Delivery Event. The company expects to reach a production rate of roughly 5,000 vehicles per week by the end of the year.

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