By June 12, 2017 Read More →

New Tesla Model 3 orders not likely to ship until end of 2018

Tesla Model 3

New Tesla Model 3 orders may be pushed back to late 2018 or possibly 2019. Tesla photo.

Tesla Model 3 sales optimism helped drive up company stock price

Anyone ordering a Tesla Model 3 now should not expect to actually own the electric car this year, possibly not even next year either.

“This will be a long wait,” Tesla CEO Elon Musk said when he spoke at the company’s annual shareholder conference last week. “I’m guessing if you put a deposit down now, it’s probably end of next year before you get it.”

Musk’s estimate suggests the backlog is greater than expected.  According to the Tesla website, the delivery estimate for new Model 3 reservations is “mid 2018 or later.”

Over one year ago, Tesla began taking pre-orders for the Model 3 and within a matter of days, more than 300,000 people put down $1,000 deposits to reserve a vehicle.

According to CNN, Tesla hasn’t updated its pre-order count since last year, but Musk said “there are more and more deposits every week.”

“So if you want, then definitely put down the deposit,” he added. “The line isn’t getting shorter.”

High expectations for Model 3 sales helped drive up the company’s stock in recent months, pushing the company’s market cap above traditional automakers like GM and Ford.

The CNN report says the cost of prepping for the launch pushed Tesla further into the red and the company had to raise over $1 billion earlier in the year.

Last month, Tesla said it was “significantly expanding” its infrastructure with more retail, delivery and service locations ahead of the launch.

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