Aug 03, 2017

During a quarterly earnings call on Wednesday, Tesla CEO Elon Muskannounced that about 63,000 people have canceled their Tesla Model 3 orders over the past year.

Total orders for the vehicle have fallen from 518,000 to 455,000, Musk said, according to Business Insider. But the drop in orders doesn’t hurt Tesla too much: The electric-car company has averaged about 1,800 new Model 3 reservations per day since last Friday.

Musk added that he could increase Model 3 reservations with little effort, Business Insider reports, but noted that this move wouldn’t serve the company well.

“It’s like if you’re a restaurant and you’re serving hamburgers and there’s like an hour-and-a-half wait for hamburgers — do you really want to encourage more people to order more hamburgers,” Musk said.

The first 30 Model 3 cars were given to employees last week, according to Business Insider, and customer deliveries will commence this fall.

Earlier this week, Musk said that he will produce a faster Model 3 after he has escaped “production hell.” He added that Tesla will most likely begin production of the performance Model 3 in mid-2018.

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