This number is the most important metric coming out of the Model 3 event last night because it confirms the dreams of the early Tesla team. It confirms that an affordable, high-performance, beautifully styled electric car will draw in consumers by the hundreds of thousands. As we waited in line out front of the Santa Monica Tesla store yesterday, we talked with tons of folks putting reservations down, and while many were longtime Tesla fans and even shareholders, there was also an upwelling of folks from the general public.
People who saw a Tesla on the freeway, looked it up, and pinned it on their list as something to buy when it becomes affordable… and that day is here. People are now seeing the car not only in random sightings on the freeway but all over the internet. The Model 3 announcement is absolutely blowing up on mainstream media, which spreads the message of clean transport to millions if not billions more uninformed viewers and readers.
This is a key shift, as it is evidence that Tesla has moved electric cars into a new category. They are not only selling to early adopters anymore, but the Model 3 is being scooped up by the early majority. People are flocking to this car not because it’s electric, not because of Elon Musk, but because it’s the best car for their money. It’s a superior product across the board and that’s what sells. Zach talked about Cleantech Disruption at his presentation in Mumbai in February and slide 8 from his presentation shows why this is a HUGE deal.
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Stepping up from early adopters to early majority is key because it signals that the market has achieved sufficient momentum to attract mainstream consumers like the person above. They have the option for a better product and they’re jumping at the opportunity. The Model 3 is a far superior product to any competition on the market today… or in the forecast from any of the other auto manufacturers. This early demand is proof that electric vehicles have achieved sufficient momentum toward becoming the norm.
That frenzy around the Model 3 is evident in the numbers, as just 1 short hour later, Elon tweeted again that the reservation count has gone up another 10% — to 198,000. It will easily exceed 200,000 reservations by the time you read this no matter how fast I type.