Tesla announced in a press release today that it received 520 reservations for its $57,400 sedan the Model S in the first week of the sedan’s existence.
The minimum deposit for the sedan is $5,000, so Tesla gathered an extra $2.6 million. It’s good to have extra cash in the coffers, but according to the release the money is refundable. So we don’t expect Tesla to do much with the money other than keep it in escrow. We assume this means that those hoping to get the sleek car won’t be hung out to dry if it’s never built.
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