Tesla opens up new financing term option for EV customers

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Tesla has opened up a new financing term option for EV customers with an 84-month term, extending the payoff period for vehicle owners that wish for more financial flexibility.

The automaker opened the 84-month financing term on Friday. Previously, Tesla offered 36, 48, 60, and 72-month financing terms for those who were planning to buy their cars.

Auto loan terms are truly up to the buyer, and they all offer certain advantages. However, the longer the loan term, the more expensive it will be because of interest accrued over the life of the loan.

BankRate also says that a longer-term loan will lead to more depreciation, as you lose 20 percent or more in the first year and 60 percent by the fifth year.

The move by Tesla could help the automaker increase demand levels as some who are interested in the company’s vehicles but might be slightly cash-strapped. The new financing option will decrease monthly car payment amounts, making it easier to afford the vehicle, and can help Tesla at the same time buy, making the cars more affordable.

While orders for the company’s vehicles may be up moving into Q3 with moves like this, and with the Full Self-Driving transfer policy, Tesla said production will be slightly lower in the quarter due to widespread factory upgrades.

CEO Elon Musk said:

“…we expect that Q3 production will be

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Tesla opens up new financing term option for EV customers

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Tesla Cybertruck orders reach 1.9 million as Musk details ‘off the hook’ demand

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Tesla Cybertruck orders have surpassed 1.9 million just days after CEO Elon Musk detailed that demand for the vehicle is “so off the hook, you can’t even see the hook.”

Tesla Cybertruck orders are swelling to the point that people are still throwing deposits down even though they may be waiting four or five years until they receive their truck.

The all-electric pickup is uniquely designed, so people are without a doubt interested in not only the one-of-a-kind look but also the claims Tesla has brought to the table.

In this past Earnings Call, which happened on Wednesday, Tesla said the Cybertruck is “the first truck that we’re aware of that will have four doors over a six-foot bed and will fit into a 20-foot garage. So, it’s sort of biggest on the outside, but it’s even bigger on the inside.”

Tesla Cybertruck gets new dark wrap following fresh details

Demand is evident for the truck, and Musk said during the Call on Wednesday that:

“Demand is so far off the hook, you can’t even see the hook.”

Musk believes the truck’s offerings are so unique that people simply won’t be able to stay away from it:

“I do want to emphasize that the Cybertruck has a lot of new technology in it, like a lot. It doesn’t look like — it doesn’t look like any other vehicle because it is not like any other vehicle.”

As of now, the Cybertruck has reached 1,943,876 reservations, as of 2:30 PM EST on Friday, July 21. This equates to over $194 million in pre-order revenue for the pickup.

This is according to a crowd-sourced data tracker. It is important to note the tracker may not be the best way to capture the accurate number of pre-orders because the $100 pre-order deposit isn’t much to blink an eye at for many, but it is all we have to go off of currently.

This 1.9 million order number is nearly double what the reservation count was a little over two years ago. In May 2021, we reported the vehicle had finally eclipsed 1 million pre-orders, roughly 18 months after the truck was unveiled.

Cybertruck production will have some serious ramping to do to get all of the reservation holders their vehicles in a reasonable amount of time. Musk said the production ramp “will move as fast as the slowest and least likely elements of the entire supply chain and internal production. So, I wouldn’t expect — I hope it’s smooth.”

Tesla did not reveal any additional details regarding pricing or configurations during the call on Wednesday, but did state that it still is on track to deliver the vehicle by the end of the year.

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Quotes via Seeking Alpha

Tesla Cybertruck orders reach 1.9 million as Musk details ‘off the hook’ demand

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Tesla launches EV sales in Malaysia

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Tesla has launched the sale of its electric vehicles in Malaysia, the automaker confirmed this week.

Tesla has worked to expand its sales footprint to new markets for several years in an attempt to bring the electric vehicle revolution to as many countries as possible.

Asia is a specifically strong market for Tesla as it operates Giga Shanghai in China, which produces cars for this region and has what are usually recognized as the company’s best-built vehicles.

Tesla started preparing for Malaysian auto sales in February after it received an approval from the country’s government to import BEVs.

With the news, Tesla was primed to establish several new branches of operation, including a Head Office, Service Centers, and a Supercharger Network, which has also evidently taken shape.

“We are pleased by Tesla’s decision to establish its presence in the electric vehicle (EV) ecosystem in Malaysia. This demonstrates Tesla’s confidence in our economic fundamentals and conducive business environment,” Malaysia Minister of International Trade and Industry Tengku Datuk Seri Zafrul Aziz said after news of Tesla’s approved application spread.

By early this month, Tesla was preparing to begin selling cars to Malaysian customers, starting with the Model 3 and Model Y.

Tesla Malaysia to start selling cars by the end of the month

Tesla received 10,000 Model Y orders just 96 hours after launch in Malaysia, and things are already rolling.

Tesla shared a promotional video sparking more excitement for its entry into the Malaysian market this week, showing off the Model Y and its prowess under the lights of Kuala Lumpur.

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Tesla launches EV sales in Malaysia

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