Tesla Tallies 400,000 Model 3 Car Orders Ahead Of Earnings Report
Tesla Motors ( TSLA ) has almost crossed the 400,000 mark in orders for its new Model 3 sedan, CEO Elon Musk told reporters at a press conference in Norway, as detailed in a Reuters report Thursday. “We are now almost at 400,000 orders for the model 3,” Musk said was quoted as saying, adding that the demand for the entry-luxury all-electric vehicle “surprised even us.” The reservations bring in $400 million in capital for the California carmaker, which has to expand its production dramatically to be on target with an expected delivery schedule that starts in late 2017. At an average expected price of $42,000, the amount of preorders could result in $16.8 billion if everyone goes through with a purchase. Tesla said late Wednesday that it will post its first-quarter earnings after the stock market close on Wednesday May 4. Analysts polled by Thomson Reuters expect on average a loss of 57 cents a share, deepened from a 36-cent loss in the year-earlier quarter, as Tesla tools up its factory. They expect revenue of $1.61 billion, up 45%. Two weeks ago on April 7, Tesla said Model 3 preorders had topped 325,000 in their first week of availability. The $1,000 fully refundable reservations had reached 115,000 in their first day before the design of the Model 3 was revealed at a launch party at Tesla’s Los Angeles design studio on the night of March 31. In other electric car news, Handlesblatt reported Thursday, citing industry sources, that German carmakers Daimler ( DDAIF ) and BMW ( BAMXY ) have ended talks with Apple ( AAPL ) about working together on an electric car. Apple is looking for an automaker with manufacturing expertise, the report said, for what is believed to be an all-electric vehicle with some self-driving capabilities. BMW talks ended last year, the German newspaper reported, while the Daimler talks ended more recently. Tesla stock was down 0.5% in early afternoon trading the stock market today , near 249. Tesla shares have been consolidating around their 10-day line after running up 91% from a Feb. 9 low to an April 7 peak of 269.34. Apple was down 1.3%, after undercutting its 200-day moving average last Friday. Apple, which reports earnings next Tuesday, holds an IBD Composite Rating of 58 out of a possible 99, and Tesla has a 55. Loading the player…