The excitement over the Model 3 has no equivalent since the anticipation of Lee Iacocca’s Mustang more than half a century ago. For weeks now, lineups several metres long have formed at the Tesla Motors Inc. kiosk at Yorkdale Shopping Centre. These are Tesla enthusiasts putting down a $1,000 (U.S.) deposit on an advance order for Tesla’s latest electric vehicle (EV), the Model 3.
The excitement over the Model 3, which holds the potential of making EVs a mass-market product for the first time, has no equivalent since the anticipation of Lee Iacocca’s Mustang more than half a century ago.
And the upfront cash from the faithful at Yorkdale and Tesla’s other sales outlets worldwide meant that when Tesla co-founder and CEO Elon Musk took the wraps off three Model 3 prototypes at a convention centre last month, he already had $115 million in advance-order cash in his back pocket. By now, that figure is about $400 million.