Tesla is asking Model 3 reservation holders to confirm their orders

The company is looking to absorb some cash before the end of the quarter

tesla model 3

Tesla is reaching out to Model 3 reservation holders in the United States and Canada and asking them to confirm their orders.

Those who want a Tesla Model 3 have to reserve their order with a $1,000 USD deposit. Tesla reaches out to reservation holders whenever they’re ready to start building their car, asking the user to confirm their order.

When a user confirms their order, they are also asked to pay another $2,500, which could mean a quick influx of cash for Tesla.

If 100,000 people confirm their car, the company stands to make $250 million almost instantly. Getting this chunk of cash could really help Tesla as it nears the end of its quarter.

Tesla has been pushing hard to make sure it has good news to report at the end of this quarter, especially since the company has consistently failed to meet the Model 3 production goal of 5,000 cars a week. The company has even built a giant outdoor tent that it’s using as another Model 3 production line.

It will be interesting to see what happens in a few weeks. While this move could mean Tesla is in need of a cash boost to make its quarter balance, it could also suggest that it’s getting closer to its production goals, meaning that more Model 3s will start rolling out to the people that reserved them.

Source: Financial Post