Nearly A Third Of Tesla Model S Orders Are From Model 3 Customers

According to an analyst, up to a third of Tesla Model 3

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by Brad Anderson

October 1, 2016 at 15:02

According to an analyst, up to a third of Tesla Model 3 reservation holders are becoming new Model S owners.

While speaking with Street Insider, Pacific Crest analyst Brad Erickson suggested that Tesla’s recent introduction of a cut-price two-year leasing scheme is paying dividends in getting Model 3 customers into the brand before production of the entry-level model begins.

“We think as many as a third of current Model S orders are coming from Model 3 reservation holders opting for the newly created two-year (and less expensive) lease,” Erickson was quoted as saying.

Available for a limited time in August and September, the leasing scheme seemed to launch in an effort to get those with Model 3 reservations into other Tesla models immediately. Depending on location, the deal allowed customers to lease a Model S 60 from less than $600 a month over 24 months. Cheap Model X reservations were also available.

The electric automaker’s current plans projects production of the Model 3 commencing in the second half of 2017. As almost 400,000 pre-orders were placed, many will be forced to wait at least two years before taking delivery.