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Not an accountant, but I did take an Accounting course at university so I can authoritatively say with no authority at all that it's a liability but they can use the money they receive (barring local escrow laws) however they see fit. No escrow here, so I'm fully aware that I could lose my money.
(Funny thing is that I've been ready to reserve for so long that the money was already mentally gone.)
ArtC
Member
wallstguy
Member
eye.surgeon
Active Member
yeah I was completely wrong, I admit that. The number of pre orders blows me away. Good for Tesla. The car is beautiful.
wallstguy
Member
Haha I wish, I'm not really someone on Wall St... I just love wall street and the stock market in general, ergo my handle. I'm actually up north in Canada and am a simple boring accountant
Reservation agreement says no escrowing, so short of local laws, I would expect they keep a reasonable reserve for the short-term jitters/errors and insure for the rest. Liability for the full amount, of course, but if they don't have to lock it down, no reason to think they will.
disillusioned
Member
Apple makes $640 million in revenue every single day of the year. They made $26.5M every hour of every year last year. That's nearly half a million every minute. The mind boggles.
wallstguy
Member
Apple is also worth over 700B at its peak, while Tesla's valued at around $30B, or about 4% the value of Apple!
Also, these "reservations" actually have a "revenue value" of over $4B. So, technically extrapolating that...Tesla has made over 6 times as much revenue in a day than Apples average you mentioned above.
Comparing peak to average is not very useful.
For the iPhone 6 launch, they had 4M preorders in the first day and 10M sales in the first weekend with an average sales price of $687.
In addition, sales continued to be strong way after that peak period - so you can look at 1 day preorders, or 1 week preorders or 1 week sales.
Turns out 200k wasn't as crazy a number as some thought, based on Elon's tweet a couple hours ago: "Thought it would slow way down today, but Model 3 order count is now at 198k."
Granted not all of that was pre-orders prior to the event, but still impressive nonetheless.
Granted not all of that was pre-orders prior to the event, but still impressive nonetheless.
artsci
Sponsor
Delusional? They're already over 180,000 and the odds of hitting 200K by midnight Friday excellent. It's rarely a good bet to underestimate Tesla.
eye.surgeon
Active Member
Yeah I already took full responsibility for my erroneous skepticism above. I even ordered one to make up for it.
JeffreyR
Member
200K reservations is not hype or wishful thinking. Elon tweeted close to that number at 10:23AM Pacific:
Elon Musk @elonmusk 10:23 AM Pacific
"Thought it would slow way down today, but Model 3 order count is now at 198k. Recommend ordering soon, as the wait time is growing rapidly."
"Definitely going to need to rethink production planning..."
Elon Musk on Twitter
Elon Musk @elonmusk 10:23 AM Pacific
"Thought it would slow way down today, but Model 3 order count is now at 198k. Recommend ordering soon, as the wait time is growing rapidly."
"Definitely going to need to rethink production planning..."
Elon Musk on Twitter
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Guess I hit the nail on the head. So many said I was delusional to think there would be 200,000 pre-orders on this car. As the OP, can I now ask the moderator to remove the "speculation" part that he/she added after I submitted my post? No longer speculation. We're at over 200,000 now and counting. If anything, since I said "in the first week", my figure was conservative. $200,000,000 in actual cash intake with the potential for over $7,500,000,000 in actual sales! Amazing!!
