Elon Musk Responds Hours After Analyst Report Citing Model 3 Cancellations Hits Tesla Stock [Fortune]
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Source: Fortune
Tesla CEO Elon Musk has tried to correct the record after an analyst report surfaced on Thursday saying his Model 3 is in trouble. In a tweet late on Thursday, Musk called an analyst report that said Model 3 cancellations are double today where they were last year at the same time and higher than orders “bs.” Musk added that last week, Tesla had 5,000 Model 3 “new net orders.” Net orders refers to total orders, less cancellations. Musk’s comment came after Needham & Co. analyst Rajvindra Gill told investors that refunds for the Model 3 “are outpacing deposits as cancellations accelerate.” Gill, who downgraded Tesla’s stock to a sell, said the Model 3’s refund rate is more than 24% of all orders. Soon after a Fortune story was published on the note, a Tesla spokesman contradicted Gill’s claims. In a statement to Fortune , the spokesperson said that cancellations are not, in fact, outpacing orders. The spokesperson added that there were 420,000 net Tesla Model 3
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