Tesla Received over 7,000 orders last week: Elon Musk

Tesla Received over 7,000 orders last week: Elon Musk

According to a recent disclosure by Tesla Motors CEO Elon Musk, the automaker received new orders for more than 7,000 electric vehicles last week. The disclosure was made by Musk in an evident effort to dismiss the notion that Tesla is witnessing a flattening demand for Model 3. Traders have been selling Tesla Motors stock over the last few months and some of them have been trapped as the company managed to release strong production report during the recent quarter. Elon Musk has been closely watching and sharing reports about Tesla Model 3 production numbers.

Further elaborating on Tesla’s new order breakdown from last week, Musk has confirmed that the new orders received by the automaker for its Model S and Model X electric cars topped 2,000 last week, while the new orders for Model 3 electric car surpassed 5,000.

Musk’s disclosure about Tesla’s new order breakdown from last week underscores a rare move by the company. The automaker generally discloses its delivery and production numbers at the end of a quarter.

Musk has apparently shared the latest new order breakdown in response to recent claims by top Wall Street analyst Rajvindra Gill -- at Needham -- that Model 3 new orders are being outpaced by cancellations. With regard to Model 3 cancellations and new orders, Gill had specifically said in a note to clients: “Based on our checks, refunds are outpacing deposits as cancellations accelerate.”

However, some reports had pointed out that there were several other inaccuracies in Gill’s report. In addition, a statement was also issued by Tesla to refute Gill’s claims that the automaker is getting more Model 3 cancellations than new orders.