Just a day after the Tesla Model 3 was announced, Tesla Motors CEO Elon Musk revealed that over 230,000 orders had been placed, amounting to $7.5 billion. Valued at 35,000 USD, the new vehicle has been dubbed ‘an electric car for the masses’. The model is highly futuristic. The normal buttons and gauges have been thrown out the window. Instead, a single 17 inch touchscreen has been fitted. So, we ask, can it make the mainstream?
Remarkably, Tesla Motors spent a whopping $181.7 million on research. This has brought fantastic results. Possibly the biggest disappointment of the digital age has been the battery technology, which can be brought to focus more clearly when a smartphone is put in the picture. This is why Tesla hasn’t taken it lying down. Superchargers are expected to charge cars in minutes rather than hours. More so, the stations are situated strategically throughout the US, including near shopping malls and Wi-Fi hotspots. Furthermore, the Model S is the only EV at the moment that is able to charge up to 120kW (capable of powering the car for 170 miles) in only about 30 minutes, just the same as the new Model 3.
However, as the market dynamics shift, those huge crowds of people that lined up outside Tesla branches to place orders could become disgruntled. The federal $7,500 windfall to those buying electric cars will evaporate as more buyers line up to get them. Already, Tesla has surpassed the 200,000 vehicles threshold. Ironically, a number of people desiring the car might become a bad thing for Tesla buyers.
Actually, CNBC conducted a poll after Tesla Model 3 launch seeking to know whether or not those who paid the refundable deposit would consequently pay up the final amount. The results indicated that 2 out of 3 customers would finalize the purchase. This is encouraging news not only to Tesla but also to the lovers of Model 3 - it can, indeed, make it to the mainstream.
The poll pointed to good market confidence for Tesla - as young as it is. Even though gasoline powered cars produced globally every year stand at 90 million, electricity powered cars can’t be ruled out. As auxiliary technology continues to be developed, and their Gigafactory already becoming functional, Tesla knows that time will vindicate their efforts. Indeed, we now have an electric car for the masses that is here to stay - the Tesla Model 3.
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