Tesla Model 3 Buyers Wait in Long Lines to Place Reservations


Tesla Motors (NASDAQ:TSLA) is scheduled to unveil its Model 3 electric car at its facility in Hawthorne, California at 8:30 in the evening on Thursday, March 31.

The early buyers of the Model 3 in different parts of the United States and around the world are waiting in long lines outside the showrooms of Tesla Motors to place their $1,000 reservation for the electric car, which they haven’t seen yet.

Image Credit: Tesla Motors

The starting price of the Model 3 is $35,000— cheaper than the Model S and Model X electric vehicles.  Tesla Motors is expected to start delivering the Model 3 in late 2017.

The stock price of Tesla Motors gained 2.80% to $233.17 per share around 3:15 in the afternoon in New York. In fact, the stock climbed as much as $237.42 per share earlier today.

Hundreds of people are waiting in line

Yesterday, Tesla Motors CEO Elon Musk tweeted that Tesla Motors started accepting reservations for the Model 3 in Australia at 10:00 A.M. local time. The tweet was accompanied by a photo showing people standing in line to make deposits on the Model 3 at the company’s showroom there.

Model 3 Order Day Australia

A similar situation was observed in Montreal, Canada where more than 200 people were not prevented by the rain and stayed in line to place their $1,000 deposit for the Model 3. Some people started to line up around 10:00 PM on Wednesday. Tesla Motors started accepting deposits for the electric car at 9:00 A.M. on Thursday.

In fact, one person named Ian Pavelco arrived at the Tesla dealership in Montreal on Tuesday at 5:00 PM. He told the Montreal Gazette that he set up a tent at the dealership’s parking lot and stayed there for two nights.

Pavelco said he never thought of buying a Tesla car even if he has been fascinated by it for several years. According to him, ‘It was expensive.” However, when he learned about the Model 3 a year ago, he was “blown away” and “have been counting down the days” to buy it.

In the United States, hundreds of people are also waiting in line at Tesla showrooms including in Bellevue, California; Short Hills, New Jersey; Seattle, Washington; Austin, Texas; and Denver, Colorado.

Tesla CEO says Model 3 buyers will not be disappointed

Musk was inspired by the positive response and promised to a surprise for those who waited in line.

Musk tweeted, “Incredibly inspired by the interest in Model 3. You won’t be disappointed. Also, a small token of appreciation coming for those who lined up.

Wall Street analysts estimated that Tesla Motors will receive more than 100,000 reservations for the Model 3 over the next two weeks. Tesla Motors is expected to raise more than $100 million interest-free capital, which the company could use to roll out the electric car.

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